Mabel Chou, Ph.D
Decision Sciences Department
Business Analytics Center
National University of Singapore (NUS)
Big Data Analytics: Potential Benefits and Pitfalls
The concept of big data has been around since the 1990s. In recent years, emerging data technologies have made big data more available than ever to companies and organizations, which leads to a lot of attention and discussions on how big data and data analytics may enable companies and organizations to gain value in various aspects.
In this talk, I will start by discussing the value of data using the results of a supply chain simulation game. The results show that more data does not necessarily bring more benefits. This reminds us the importance of data analytics when we look for potential benefits brought by big data. With this observation in mind, I will then share my experiences in working with companies including manufacturers and service providers to illustrate how big data analytics can help managers to identify areas for improvement and/or make better decisions. On the other hand, I will also talk about situations faced by these companies in which big data analytics may mislead the companies. In particular, I will demonstrate the potential benefits and pitfalls when big data analytics are used to identify areas for improvement and/or make decisions by discussing how big data analytics is applied in the supply chain decision process of two multinational manufacturers and the process improvement of a healthcare service provider and a logistics service network.