Retail Analytics in Supply Chain Management
Do you think big data analytics is a new fad in the retail industry? Re-acquaint yourself with the latest in the industry else your supply chain planning and management will go haywire. These days retail analytics is a requirement in supply chain management!
By now you must have understood one thing that supply chain management is incomplete without retail analytics. It won’t be wrong if I say retail analytics is the backbone of supply chain management. Retail profitability is directly dependent on three major elements of supply chain i.e. the right product in the right quantity, in the right place and at the right time. Missing out on any of these elements means losing a customer forever. Yes, it is forever! Do you want to take such a huge risk? Why? When you have a solution!
Retail analytics as a solution
Retail analytics accurately forecast demand, manage your inventory, optimize distribution network and improve your supplier performance. But all this is possible only if Business Intelligence and Analytics is applied to the core. Analytics has the potential to transform processes of any industry type including supply chain management. With the help of analytics it is easy to track individual packages in real time and gather other important information with regard to the shipment. It is a convenient and an efficient method that helps create optimized, supple, universal, and event driven supply chain model. This greatly affects the relationship between retailers and the stakeholders.
Using retail analytics in supply chain management one can easily get optimized inventory, replenishment, and shipment costs. Many companies like Amazon, ebay uses this retail analytics to find every minute detail related to their goods and their transaction. With the use of retail analytics tool they get to know about each and every movement of their goods inside the stores and if there is something found of relevance they pass it on to the store staff and customer. A retail analytics system also updates the company about abnormalities found in a particular product by identifying and analysing the unusual patterns.
Retail analytics and its impact on supply chain management
Traditional methods of supply chain management minus retail analytics is a complete chaos. Using a traditional method you can’t deliver end-to-end visibility across the supply chain. Moreover, this concept can’t integrate discrete online and traditional retail business units and hence service quality is not that effective. Furthermore, the demand fluctuations can’t be predicted properly, which leads to supply chain disruption. All this brings real time data analytics into forefront. Yes, we need a system that can tack and trace events across the supply chain in real time. This will help you achieve end-to-end visibility across the supply chain and also make you aware of peak requirements and sudden disruptions.
It is a very simple concept; if you are analysing data after the fact, it is certainly of no use. This will hardly offer you a chance to pinpoint your problems and make appropriate alterations whatsoever they are. But if you have real-time analytics system, you can easily make better and approachable predictions and effective decisions and improve your business acumen! So what are you thinking? Retail analytics is answer to all you worries.
If you want to keep your customer happy you need to offer them exceptional services. Retail analytics is one tool that promises effective performance; Allow it to be a part of your business and experience the magic of this amazing business enhancing technique!