Verified Market Research (VMR) recently released their “Key Futuristic Trends and Competitive Landscape 2025” report, which forecasts strong growth in the Global Supply Chain Big Data Analytics market. Valued at $2.12B in 2018, VMR projects the market’s value to reach $7.53B by 2026. Although VMR’s report focused on supply chains, data analytics have their place in each industry and are becoming a necessary tool for optimizing business practices. Gone are the days of reliance on gut feelings; big data is here to stay.
VMR defines supply chain big data analytics as, “a software program that is helpful for organizations in order to automate the processes involved in material purchasing and inventory maintenance.” One of the goals of big data is to enable companies to make educated, data-driven business decisions in real-time with great precision. In most companies, there is an abundance of data available, but sorting through what is relevant and useful in the decision-making process poses a challenge. Identifying key performance indicators and targeting those factors that drive your business’s operations are good first steps. Accurate input of data is crucial as well, and developing processes which promote data-driven decision making in your day-to-day operations is integral for continued growth and success.
VMR’s projection that the supply chain big data market will grow 2.5x by 2026, means that data-driven decisions are a necessity for your company to remain competitive in the future. What steps has your company taken towards embracing the big data revolution? If you have questions about supply chain big data, contact us.
