Extending the benefits of Big Data for retailers
Retailers have become very adept at using Big Data metrics to drive sales. Collecting consumer information has allowed companies to improve their marketing strategies and deliver relevant offers to consumers.
For many retailers, the use of Big Data stops there, but there are a number of benefits that it can provide to organizations. The Harvard Business Review reports that Big Data has become essential to improving market predictions, which can improve inventory control and supply chain management. Tackling customer preferences can indicate specific trends that can be used to align inventory and minimize disruptions.
The information about specific market demand can also allow companies to improve their transportation management, by adding trucks to areas that need them. This holistic approach requires that information is shared throughout the entire organization, which can be made easier by the use of a digital warehouse management system. These programs track inventory as it moves through the distribution network, allowing the business to reroute deliveries or maintain up-to-date assessment of merchandise levels.
With the increased accuracy gained from these utilizing the software, companies can improve their forecasting. This can save the company a lot of money by eliminating waste or helping to avoid shortages. Retailers could see a lot of benefits by working with a third-party logistics specialist to improve their data collection and analysis.
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File Under: Retail Industry