Big data is the buzz term of the moment – including big data and spare parts inventory management.
For the un-initiated ‘big data’ refers to the collection of huge amounts of data, held in large and complex databases.
The buzz around big data is that it is said to enable companies to gain new and important insights into the subject of the data and from that take better and more targeted actions.
While big data is used extensively in science, research, and government, the real buzz is around the use in the private sector – think Amazon, Wal-Mart, and Facebook.
It is the combination of increases in computing power and low cost access to that power via ‘the cloud’ that has enabled big data for most private sector organizations.
So what does this mean in the world of big data and spare parts inventory management?
In a word, optimization.
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Author: Phillip Slater