Role of Analytics in Supply Chain Management Industry in Lithuania: Big Data Analytics & AI

Abstract

Supply chain managers face a variety of obstacles when preparing for the future, as change is bound to happen. The increase in the importance of “big data” and also the use of “analytics” to analyze this data are two significant changes in the past few years. The analysis of big data is extremely important because it has the potential to yield significant value, and it is essential for companies to make use of the wide range of information sources by carrying out a comprehensive and accurate examination. Goal: The purpose of this article is to showcase the constantly changing nature of supply chain management practices, predict the future impact of big data and analytics in SCM, emphasize the potential benefits of these trends, and offer guidance to leaders in the field of SCM. Approach/technique/procedure: It is emphasized how crucial it is to derive value from the vast quantity of data accessible in the field of supply chain management. Definition of "big data" and analytics, with explanation of how they affect SCM applications. Outcomes: Instances demonstrate how the supply chain management domain can be influenced by these recent trends and advancements. These examples have effectively adopted, utilized, and put into practice analytics that rely on large volumes of data. The existence of big data is undeniable, and utilizing analytics to derive valuable insights from this information has the power to create a significant influence. In summary, it can be stated that... It is important for supply chain managers to closely monitor these 2 trends because effectively incorporating "big data" analytics are able to keep them updated on advancements and alterations, ultimately enhancing their competitiveness.