Rolling data analytics to improve enterprise performance with special reference to supply chain function

Abstract

Data , information and Knowledge are the terms we hear frequently, many a time we experienced those are the similar terms,
But in a defined scope those three terms interact with each other and have different meanings. Those terms also interact with
each other as a hierarchy. In today’s business competition, data is being considered as one of the major parameter for
planning or decision making. Decision making is driven by data analytics in both ways as corrective and proactive decisions
today. The importance is increasing for more and more data to rely on decisions being taken in this competitive situation.
Today’s business is vast; each function of business is dealing with decision making and risks associated with it. Not all the
decisions are judgmental and situation based but today decisions based on data are playing an important role. The
organization and its functions deal with different data and different data sources. Many large scale organizations have
focused on data analytics as organizations core function or important function that is also outsourced to some external data
analytics firm, where huge data is processed in meaningful information to take relevant decisions.
Today organizations can see growing appreciation towards the return from big data and many executives are realizing
importance of data in planning. This research paper is highlighting on data analytics terminologies, todays scenario, types of
analytics, importance in business environment, few challenges with implementation of analytics in business & expected
future trends in analytics. Moreover this paper is focused on industry trends & some recently done research outcomes in data
analytics domain. The major tilt in this research paper is all Business analytics related topics are tilted towards supply chain
function due to interest of researcher.