Big Data in Supply Chain Management Demand Forecasting and Inventory Optimization

Abstract

This chapter discusses how Big Data influences SCM, with focus on areas like demand forecasting, inventory control, and newer technologies. With real-time data, AI, and machine learning, improved forecasting, reduction of risks regarding overstocking or stockout, and better satisfaction of customers are all possibilities. Other advantages are cost reduction and better control over inventories. Market adaptation is driven by IoT and real-time data. While big challenges remain, including the poor quality of data, resistance to change, there is promise for SCM using big data through predictive analytics, collaboration, and ethical practices.