Big Data Driven Innovations Thrive Supply Chain

Abstract

The worldwide events like corona virus disease (COVID) pandemic, war, natural disasters, and nontariff barrier enforcements have tested humanity like never before. The supply chain industry(SCI) endured the hardest hit by these events and changed the way it has been conducting businesses. This paper aims to determine the strengths, weaknesses, opportunities, and threats that have evolved from the lessons learned through unexpected events. It portrays the approaches of adopting opportunities with the SCI’s strengths while mitigating weaknesses to address threats timely and precisely. Additionally, it elaborates on how to collect, synthesize, universalize, and harness Big Data towards improvements in cost reduction and effective logistics revitalization. Furthermore, a four-step strategy to build a shockproof supply chain organization is proposed to minimize supply chain disruptions in the era of Industry 4.0.