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BIG DATA IN SUPPLY MANAGEMENT- HOW BIG IS THE NEED

So, what is BIG DATA?

“BIG DATA” is not just a buzz word now a day. It is an integral part of the business, be it on identifying options to generate extra revenue for the organization or to identify opportunities for Cost transformation.

Big Data in the simplest words is defined as “Analyzing the data of extreme size, from various sources, of various complexities and diversities, where the output is meaningful business information.” It is said that every year the data available with any organization doubles, which means more analysis is required to generate information. As per a survey done, by 2020, the organizations would have 300 times more data as available with them today and the challenge is how the organizations use it to the fullest to generate revenue or transform the costs.