Market Segmentation
The demand for data analytics solutions has increased, as organizations increasingly focus on using business data to extract actionable insights. Many organizations are increasingly deploying modern or advanced analytics tools that are not only capable of predicting future trends but also suggesting actions for achieving the best possible outcomes. Decision-makers are also using analytics tools to derive actionable insights for the development of meaningful, crisp, and forward-thinking approaches. Big data provides greater data precision, transparency, and perspective to supplier networks, contributing to the exchange of more nuanced knowledge across supply chains. Forward-thinking manufacturers are now using big data and cloud-based technology to orchestrate more than 80% of their supplier network operations and surpass the limitations of legacy Supply Chain Management (SCM) and Enterprise Resource Planning (ERP) systems. Legacy ERP systems have been a bottleneck for producers whose business models are focused on rapid product lifecycles and speed. Therefore, to compete on speed, accuracy, and quality, supplier networks are likely to adopt big data and other emerging technologies to reach a level of contextual intelligence that cannot be met by legacy ERP and SCM systems.
Information plays a vital role in the procurement department. The insights obtained from historical data on product pricing help strengthen a buyer’s negotiation position and achieve better pricing. Through the adoption of inventory tracking software or internal spreadsheets, organizations can monitor the location of their inventory. The software would help the organization know the quantity of inventory on hand and determine additional requirements. Large quantities of data are collected due to continuous improvement in data collection of various aspects of supply chain parameters. Real-time data helps organizations make more accurate decisions for managing suppliers and designing better strategies for the procurement process. Advancements in the Internet of Things (IoT) and Artificial Intelligence (AI) have made it easier for organizations to gather real-time feedback from customers and manage their contracts in real-time. IoT-connected devices in a warehouse help businesses track the volume of deliveries and supplier performance.
Despite the acknowledged advantages that control towers can generate, enterprises encounter several issues when adopting them. Data security is a prime factor that can discourage organizations from adopting control towers. The market is characterized by collaborations among several suppliers and cloud service providers. Supplier cooperation requires the exchange of information related to component forecasts, purchase orders, Kanban signals, and inventory positions between an OEM and a supplier. The ability to ensure data security and prevent sensitive information from being accessed by unauthorized individuals can vary for different cloud-based platforms. Hackers, unlicensed users, and internet thieves may try to access this information, and can potentially harm the enterprise. Control tower solution vendors suffer from security loopholes of undefined data and information risks. Most common issues and security breaches occur due to unethical hacking activities and Man-In-The-Middle (MITM) attacks. Such security threats may compel enterprises to spend more on secondary storage devices and data backup centers to prevent the loss of sensitive information.
This section will provide insights into the contents included in this control tower market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
Company overview
Financial performance
Product benchmarking
Latest strategic developments
Market size, estimates, and forecast from 2017 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance