Big Data Changes Inventory Management
Increasing reactivity on fast-changing markets
No matter if your company is in the Manufacturing industry or if you manage a cool and shining e-Commerce website, big data and analytics help businesses to achieve higher profits than ever by improving processes, operations and inventory management.
According to a recent survey conducted by Deloitte, Predictive Analytics ranked 1st in advanced manufacturing technologies that will help companies to improve their global competitiveness. it’s a fact that data analytics techniques return in a higher effectiveness than traditional project management tools.
Adopting big data analytics solutions for supply chains operations has many advantages for what concerns inventory management. First of all: reactivity. Changing markets imply real-time visibility on processes and an always-on overview on operations. Big computation of tons of data means instant access to metrics and information that let executive improving the operational efficiency.
Real-time insights also have a disruptive meaning for marketing & finance departments: instantly changing promotions and strategies and adjusting expected margins in order to beat the competition is now possible. These decisions mainly affect the way you manage the inventory, one of the most important parts of your company’s capital structure.
Real-time analytics coming from big data analysis lead to a better knowledge of your customers: regardless they are the trigger of your make-to-something manufacturing flow or there are visitors whose online journey you care of, they have to be satisfied. No satisfaction, no customers, no sales. Data analytics can identify trends, seasonality peaks, correlations between products and much more: these insights allow you to show better offers and sell products that will be present in your inventory, since now you manage it better than in the past.
Learn more about data analytics tools provided by the Intuendi Inventory Replenishment solution or contact us if you want to learn more about improving your inventory management.