Utilizing Big Data and Predictive Analytics to Manage Supply Chain Risk

With our new norms in Operations Management, including globalization of our supply chains, increasing demand and supply uncertainty, and supply chain network complexity, product proliferation, process risk, changes in environmental rules and regulations, extreme weather, big risks and Big Data, our supply chain dynamics have changed significantly. At the same time, there is substantial growth in data to deal with. The most current estimates are that more than 15 petabytes of information (1 petabyte = 15 million gigabytes) of new data are collected every day. That’s more than eight times the combined information located in all U.S. libraries! This article discusses how companies are leveraging Big Data and Predictive Analytics to mitigate and manage supply chain risks. GrEGory l. ScHlEGEl | Mr. Schlegel is VP/Principal for SherTrack LLC, Founder of The Supply Chain Risk Management Consortium, Adjunct Professor of supply chain risk at Lehigh University, Adjunct Professor of enterprise risk management at Villanova University, and Past President of the APICS organization. He has served as a supply chain executive for several Fortune 100 manufacturing companies, including working ...