LEVERAGING DATA FOR AUTONOMOUS PROCUREMENT

IN CONTEMPORARY LOGISTICS, DATA-DRIVEN PROCUREMENT PLAYS A CRUCIAL ROLE. BY UTILIZING DATA AND ANALYTICAL TOOLS, COMPANIES CAN MAKE WELL-INFORMED CHOICES WHILE PROCURING LOGISTICS SERVICES. THIS, IN TURN, LEADS TO ENHANCED EFFICIENCY, BETTER TRANSPARENCY, AND LOWER EXPENSES.

- SUJATHA VISHNURAJ

Information is the cornerstone of any system's improvement. A data-driven procurement approach is centered around this principle, utilising big data and analytics to enhance processes at every stage of the supply chain. Various technologies contribute to this effort, including interconnected loT sensors and warehouse robots. For instance, a data-driven warehouse employs actual performance data to determine the optimal way to integrate a robot into its operations. Such data-driven solutions are precisely what the supply chain requires in today's world.

THE ROLE OF BIG DATA

"Big data analytics has significantly changed the industry by increasing its focus on predictive analytics. Supply chain professionals are now using historical data to predict future trends and identify potential risks and opportunities. This proactive approach has minimised supply chain disruptions and improved decision-making. In addition, analytics has fostered better collaboration and communication between suppliers and manufacturers, resulting in optimized operations and reduced costs," shares Shubhankar Chatterji, Chief Supply Chain Officer, Cummins India.