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Breakthrough Supply Chains: How Companies and Nations Can Thrive and Prosper in an Uncertain World
book

Breakthrough Supply Chains: How Companies and Nations Can Thrive and Prosper in an Uncertain World

by Christopher Gopal, Gene Tyndall, Wolfgang Partsch, Eleftherios Iakovou
June 2023
Intermediate to advanced content levelIntermediate to advanced
320 pages
6h 33m
English
McGraw-Hill
Audiobook available
Content preview from Breakthrough Supply Chains: How Companies and Nations Can Thrive and Prosper in an Uncertain World

CHAPTER 5

Information, Data, Governance, and Analytics

Scientia potentia est.

—Thomas Hobbes1

The Latin saying scientia potentia est perfectly sums up our argument in this chapter: “knowledge is power.” Add to this power the capability of intelligent systems to develop insights, know the status of supply chain assets in real time, and make decisions, and one can easily state that data is the new currency of business and supply chains.

DEFINING DATA

First, let’s define the terms data, information (given the two are often used interchangeably), and analytics.

   Data is individual facts, quantitative and nonquantitative, that can be related or unrelated. Data forms the base of any decision-making and insight.

   Information is data that has ...

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Publisher Resources

ISBN: 9781264991884