It looks like data management will continue to be critical for businesses. To produce the best results, cloud-based platforms are playing a bigger role to provide more agile and accurate forecasts. At Bitscape, we want you to have the right set of business applications to prepare and analyze your company finances and operations. With our industry experts, we can help you transform business processes with the right tools. Contact us today to learn more.
Bitscape is one of the award winning Microsoft Cloud Experts in India. At Bitscape, we are specializing in Business Solutions like Business Intelligence, Business Application, Consulting, Enterprise Services and many more. Here in this infographics explore our Business Solutions and Find how we can help you.
With the internet usage around the world and especially in developing countries such as India increasing at an exponential rate both in the terms of individual as well as business, humongous amount of data is bound to be generated. No business vertical can afford to not put to use this valuable data and extract useful information which would empower them to take prudent business decisions. And yes, Logistics & Supply Chain industry is certainly one of the early movers to have embraced this DATA revolution.
The term BIG DATA Analytics refers to the processes, methodologies and algorithmic techniques employed by the businesses to analyze the enormous amount of collected data, make sense out of it and take critical business decisions which would eventually improve their operational efficiency and improve customer satisfaction. In other words, BIG DATA enables the businesses to predict the probability of the occurrence of an event from the past trends and thereby take judicious and timely decisions.
As an instance, for the Logistics and Supply chain industry, extracting useful information from the huge unorganized data collected through different platforms will help the supply chain professionals to gain insights into the various business parameters such as operational risk management, layout optimization, pricing strategies, improved product and service delivery.
So what encompasses Analytics Domain?
In the complex information flow of the SCM and Logistics industry, BIG Data Analytics encloses three major areas: –
- Descriptive Analytics where in a past business situation is described in a way of trend/pattern to provide an insight into any forthcoming event. This is normally done using Standard reporting dashboards, Alerts.
- Predictive Analytics uses the REAL time data and historical data to make predictions about the events having the probability of occurrence in the future. These mostly include Time Series, Regression analysis.
- Prescriptive Analytics uses the predictions based on past trends and data and also suggests a set of action/s that could be undertaken for a possible foreseeable event.
BIG DATA to reap BIG Benefits
In the field of Logistics and SCM, Big Data Analytics uses all the three above mentioned techniques to synchronize the end to end logistical chain thereby making an incremental impact on the supply chain drivers such as inventory planning, facilities /warehouse management, transportation management, sourcing and procurement, pricing.
- Warehouse management: – Using Advanced Analytics based on the collected data the organization can take a judicious decision on the location and capacity of the proposed warehouse facility and even monitor it’s
- Inventory Planning: – Having an extremely optimized inventory planning model would go a long way in improving the responsiveness and efficiency of the organization.
- Transportation Planning: – The application of BIG DATA analytics in devising an optimal travel route for the material and goods transfer has gone a long way in improving last mile delivery, identifying risk areas, predicting accurate delivery times and most of all making transportation safer both for the material and people involved.
In a developing country such as India where the Logistics and Supply chain industry is in a very chaotic state yet in a stage from where it is to grow beyond one’s imagination, effective use of available analytical techniques such as BIG DATA will help companies to standardize their decision-making process. Of course, the recent decision of the Govt. of India to introduce the GST (Goods and Services Tax) by next fiscal will only help the logistics industry to streamline it’s processes and costs making the industry leaner.
Logistics and Supply chain is an industry which is driven by quantifiable performance indicators and hence “Real-time Analytics” of rapidly increasing, huge and unstructured data is inevitable.
One of the key challenges faced today by Global Pharma companies is their shift of focus from “Mass Drug Production “catering a large section of the market to “Niche buster drugs” which focuses on a well-defined targeted audience.
So, this means there is also a challenge in how to position these “Niche drugs” in the market so that they catch the attention of the focused group of customers thereby translating into sales for the Pharma companies. It is well-known fact in the pharma industry that the SALES of specialty pharma drugs is increasing while the revenues from the commonly prescribed drugs are declining.
Pharmaceutical marketers are well aware of this new trend and are also quick in responding to this new marketing challenge by embracing the “DIGITAL MARKETING CHANNELS”.
It has been proven that unlike the traditional “Direct to Consumer” media marketing is not yielding desired returns on the money spent in comparison to the “digital marketing channels” which require far less amount of marketing spend and is a very target oriented approach. The ROI for “Traditional Marketing” is approximately in the range of 2:1 to 4:1 whereas the ROI for Digital Marketing is far higher at 5:1.
Pharma companies across the globe are aware of this changing dynamics and are making sincere efforts in increasing their Digital spending. According to a couple of research reports “Health Care Digital Advertising” is expected to reach 1.3 billion $ by the end of 2016.
Furthermore, Pharma Industry faces a vast amount of regulatory and compliance challenges than any other industry vertical which is largely dependent on the regulatory framework of the region they are operating in. Pharma industry though is technologically adept, they still lack the competence and the resources required to assist them in positioning them in different markets adhering to the local compliances and regulations.
We at Bitscape have been involved in addressing the key IT issues faced by businesses of different verticals for more than a decade now and Pharma sector has been our forte.
We specialize in providing Custom Built Digital solutions which are industry specific and adhere to the regulatory and statutory compliances of the regions across the globe.
We are a Microsoft Certified GOLD Partner since the year 2004 and have been well recognized as a trusted IT partner for organizations of international repute. We have helped businesses in their journey of Digital Transformation by delivering business solutions that have given quantifiable output. We specialize in Microsoft Technologies in implementing business solutions which have been well accepted across the industries.
We have helped organizations to build their “Brands on the Web “and send their message to the targeted end customer thereby creating more value in the terms of sales and simultaneously keeping a check on their marketing spends.