Today, the customer experience depends on the speed of supply chain leaders’ decisions. Customer expectations for on-time and correct orders demand that shipments leave the warehouse on schedule no matter what. When one skipped or missing pick can put a whole truck at risk for late departure, warehouse leaders need to act quickly to ensure that work orders stay on target. Fortunately, rising consumer demand for on-time shipments happens to come at a time when in-memory analytics are powering faster decision-making in the warehouse.
Indeed, making better and faster decisions with in-memory analytics was one of the key takeaways from the Gartner BI Summit. Instead of storing data on a physical disk, in-memory analytics relies on data stored within an application. With the raw data sitting so close to running code, not only can supply chain leaders identify areas in need of attention and receive updates in real time, but they can also evaluate alternative scenarios quickly to better inform decision-making.
On the roadmap for Intellestra, Voxware’s new predictive analytics tool purpose-built for the supply chain, is in-memory analytics to help supply chain professionals. In-memory analytics gives the supply chain leader the ability to test out possible scenarios before making a decision without having to wait a lengthy period of time for the analysis to be completed. Without in-memory analytics, supply chain leaders who identify a late shipment have two options: run a time-consuming analysis on possible fixes culling information from a data warehouse or make an in-the-moment guess about how best to reallocate resources to get the shipment back on track for on time departure.
Another benefit of in-memory analytics is cost effectiveness. The falling cost of RAM is making run-time data storage less expensive, and those savings are migrating through to organizations. While data warehouses are likely to remain relevant components of enterprise data management, in-memory analytics reduces the need for data indexing which can lead to lower IT costs.
In an increasingly omnichannel retail environment, retailers are shipping directly to consumers who won’t tolerate mistakes, making the need for real-time decision-making capabilities ever more pressing. As Big Data increasingly becomes Fast Data, in-memory analytics will continue to grow in importance in the supply chain and will give analytics the ability to transition from simply delivering information to actually powering better business processes. Simply put, companies who deploy tools leveraging in-memory analytics like Voxware’s Intellestra will able to use their data more quickly and effectively.