Homework: Big Data & Modeling Capability
Overview:
Managing the sourcing function in a business entity is a complex one. The function is referred to by alternative names such as procurement, sourcing, purchasing and supply management. Although these terms are used interchangeably, they mean differently in different verticals. This is the reflection of the breath of decisions is being made in this module. In application of big data analytics, one has to be aware of the focus, as well as, the needs of the business. The purchasing function includes identification and selection of suppliers, negotiating contracts, buying, certification and measuring suppliers performance. All these activities, one way or the other, lend themselves to a fertile opportunities for application of big data and analytics. A newly focused function in buy is strategic sourcing which its purpose and function is beyond current price and market status. It mainly considers strategic opportunities and competitiveness in a business. This is another opportunity for use of big data and analytics for expanding the role of sourcing beyond short term buying and into long term working relationship. After completion of this week, we should have a good understanding of:
1. How the terms procurement, purchasing, and sourcing have different meaning?
2. Does one have a broader meaning than the others?
3. What are the meaning of terms order-to-cash and procure-to-pay cycles?
4. Do we generate competencies in our supply chain by using big data analytics in strategic sourcing?
5. Dealing with uncertainty in demand, what is the working strategy you would use to implement big data in dealing with the probability issue?
6. How can big data analytics be used in optimizing the mix of global and local sourcing
Course Objective(s):
1. Analyze the impact of big data analytics in developing optimal strategies for partnership and strategic sourcing
Prompt:
We previously detailed the procedure of using big data and modeling capability of analytics of our choice in recommending a solution for the supply chain management problem at hand. For reports on the proposed solution and discussion of its merit. This research work should present alternative solution and future course of action.
Format your homework according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.