TY - BOOK
T1 - Opportunities of big data analytics in supply market intelligence to reinforce supply management
AU - Paajanen, Salla
AU - Aminoff, Anna
PY - 2017
Y1 - 2017
N2 - Firms need comprehensive knowledge and understanding of
the opportunities available in the supply market.
Managing external resources of a company, such as
suppliers, is important in order to capture value and
utilize innovations in addition to concrete products or
services. This can be achieved by supply market
intelligence (SMI). SMI can facilitate in finding the
best partners and other suppliers, and combination of
capabilities. However, despite of its evident managerial
relevance, SMI has been a little researched topic in the
academia, and inadequately developed and utilized in
companies. Simultaneously, big data analytics (BDA) has
developed rapidly, becoming vital for businesses across
industries. The big data characteristics of high volume,
variety and velocity (3Vs) require utilizing advanced
analytics.
In this report, we will introduce the potential in
creating SMI to support strategic supply management via
BDA through eight messages that every supply management
professional should recognise. We will also unwrap some
of the future trends of BDA according to big data
professionals. Value can be realized through actions such
as creating competitive advantage via informed
decisionmaking, improving supply risk management and
identifying opportunities in the supply markets. An
overall picture of the supply markets, value nets and
supply chains can be obtained by creating comprehensive
SMI. External solution providers can be utilized to
conduct the analysis in collaboration with the focal
company. Ultimately, analytical mindset and understanding
of the analysis are important for integrating SMI into
processes. In the future, artificial intelligence (AI)
-based machine learning and automation will continue to
increase importance in analysing big data. Technological
developments, such as cognitive computing, robotics,
mobile technologies and Internet of Things (IoT) create
future opportunities that still require further research
in order to achieve the best benefits. Digitalisation of
supply management and the entire supply chain changes
processes and creates new methods of working.
AB - Firms need comprehensive knowledge and understanding of
the opportunities available in the supply market.
Managing external resources of a company, such as
suppliers, is important in order to capture value and
utilize innovations in addition to concrete products or
services. This can be achieved by supply market
intelligence (SMI). SMI can facilitate in finding the
best partners and other suppliers, and combination of
capabilities. However, despite of its evident managerial
relevance, SMI has been a little researched topic in the
academia, and inadequately developed and utilized in
companies. Simultaneously, big data analytics (BDA) has
developed rapidly, becoming vital for businesses across
industries. The big data characteristics of high volume,
variety and velocity (3Vs) require utilizing advanced
analytics.
In this report, we will introduce the potential in
creating SMI to support strategic supply management via
BDA through eight messages that every supply management
professional should recognise. We will also unwrap some
of the future trends of BDA according to big data
professionals. Value can be realized through actions such
as creating competitive advantage via informed
decisionmaking, improving supply risk management and
identifying opportunities in the supply markets. An
overall picture of the supply markets, value nets and
supply chains can be obtained by creating comprehensive
SMI. External solution providers can be utilized to
conduct the analysis in collaboration with the focal
company. Ultimately, analytical mindset and understanding
of the analysis are important for integrating SMI into
processes. In the future, artificial intelligence (AI)
-based machine learning and automation will continue to
increase importance in analysing big data. Technological
developments, such as cognitive computing, robotics,
mobile technologies and Internet of Things (IoT) create
future opportunities that still require further research
in order to achieve the best benefits. Digitalisation of
supply management and the entire supply chain changes
processes and creates new methods of working.
KW - supply market intelligence
KW - big data analytics
KW - supply management
KW - strategic sourcing
KW - data management
M3 - Report
T3 - VTT Technology
BT - Opportunities of big data analytics in supply market intelligence to reinforce supply management
PB - VTT Technical Research Centre of Finland
ER -