Since the financial crisis of 2008, the financial services industry has been inundated with new rules and regulations that have consumed resources and increased spend on compliance. All of this is occurring at a time when the industry has also been under increasing competition from financial technology (fintech) firms. Whilst the fintech industry is booming by providing new innovative products at a rapid pace, traditional incumbents have appeared less agile at adopting these.
More and more companies are using strategic sourcing platforms as a fulcrum for digital transformation within the department (and the enterprise as a whole, but that’s another story for another day). How?
Cloud adoption is on the rise. According to a recent Gartner prediction, the worldwide public cloud services market will grow 18 percent in 2017 to $246.8B, up from $209.2B in 2016. As more and more organizations move to the cloud, many IT teams are tasked with identifying the right infrastructure framework to ensure they meet their business and operational requirements – a challenging task considering there are so many options.
Recently, supply chain professionals have recognized that better data collection and increased computing power can track sourcing, scheduling and routing better and faster than any human. Applying big data to thorny supply chain problems is still an emerging art as companies adapt their internal processes to rely on algorithms rather than rules of thumb. Here’s what you need to know to understand how big data is changing the supply chain and improving efficiency.