Big Data generated by the Internet of Things (IoT) will transform Integrated Business Planning (IBP), bolstering the holistic approach to business planning with more accurate forecasting and faster response times, and thereby creating a more nimble and efficient supply chain.
A truly optimized supply chain -- one that meets market demand with just the right amount of product, while keeping production, inventory and transportation costs low -- hinges on a holistic and well-oiled IBP.
IBP in the traditional sense compiles diverse data points into a central database to provide “one version of the truth” in order to opitmize sales, operations and financial planning. By supercharging this data collection and analysis with Big Data insights collected from IoT sensors, IBP gets more accurate, more efficient and delivers more value.
But what about leadership?
While IBP has always promised competitive advantage, the stakes are even higher with the IoT supercharger bolted on. Perhaps one of the largest challenges to overcome, however, will be the digital leadership needed in the C-Suite to drive and sustain transformation.
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