Big Data and Supply Chain Efficiencies
It’s becoming increasingly important to leverage big data in day to day supply chain activities like selling excess inventory, searching for obsolete or replacement parts and even monitoring the critical parts on your BOM (bill of materials).
Selling excess inventory can be cumbersome. The demand sometimes isn’t there for electronic components that are left over from a build, or older components that have been used to service OEM products for 10 years or more. Big Data allows manufacturers with excess material to have insight into whether it’s a buyers or sellers market for your specific parts. Why would you want to sell blindly when you could maximize your return and speed up the path to ROI? Think about it…
Searching for obsolete components or replacement parts is a necessity. Due to the rapid growth of the technology industry, and changes in the design and packaging of electronics, hundreds of thousands of electronic components and semiconductors are obsoleted every year. This is increasing the rate at which manufacturers are scrambling trying to find parts to continue the service or production of their products. Big data and reliable big data at that, makes it easy to search thousands of reliable suppliers/distributors all at one time, at the time you need it. The key word there is reliable big data; a place in which counterfeiting isn’t an issue and tracability is held in high regard. You wouldn’t want to buy components that would harm your brand image, would you?
Monitoring critical components for changes in the global marketplace is invaluable. Like we said in the last paragraph, hundreds of thousands of electronic components and semiconductors are being obsoleted each year. This means having a proactive plan in place to stay ahead of obsolescence is vital. Leveraging big data as a tool to price, monitor, predict and confirm the vitality of a BOM is crucial. Don’t you want to manage obsolescence instead of it managing you?
In conclusion, there are so many benefits to leveraging big data to make your jobs easier and obsolescence more manageable. The profit of your company is going to be a result of the decisions your make. Chose to open your eyes to the possibilities that a reliable big data warehouse brings to the table. Don’t you want to be a supply chain superhero? But, don’t take our word for it. Check it out for yourself. It’s free – https://www.partstat.com/why-partstat
What successes have you had in leveraging big data?