Why Companies Should Use Big Data Analytics For Their Supply Chain Solutions
In this new age of advanced technologies and business models, what is the biggest false promise made about big data? According to many experts in the business, it is the promise to predict which of the following statements is actually true of big data:
a. It will somehow analyze all retail behavior across the country or even the world. b. It will somehow predict which of the following statements is true of big data? (i.e., which of the following statements is true of retail stores with the same demographic breakdown.)
This is the first false statement. Big data analytics may indeed be able to predict which behaviors are typical of individual customers and which aren’t. However, it doesn’t promise that it will be able to predict which behaviors will be typical of a certain retail chain, franchise, or even a specific city. There is still much work to be done in this area.
The second false statement is “data mining will solve all of my marketing problems.” There is no magic bullet for marketing. Marketing, unlike customer shopping, requires creative solutions from a comprehensive perspective. Data mining may indeed help marketers drill down to specific communities and industries. However, data mining does not give rise to a whole new market or approach to marketing.
Data also does not magically erase or remove the prior set of problems in the market. Marketers have to continue to be innovative and aggressive. They have to build and improve upon the fundamentals of their marketing approach. Data alone does not make for an effective marketing solution.
The third false statement which may be considered a falsity is “big data analytics will replace traditional marketing.” Again, there is no magic bullet in any situation. Traditional marketing will always be necessary to provide quality customer service. In addition, traditional marketing will continue to evolve as digital media continues to impact consumers.
Even if there was a magic button which could make one marketing campaign more effective than another, there would be very few businesses that would use it. Even then, most companies would only use a small portion of all the available data. Even then, there are still many questions that remain unanswered. If big data can offer insight into which of the following statements is false of large data, how does it affect marketing?
It can certainly impact your data and operational effectiveness. Just ask any insurance company or real estate agent. If you ask them how they have been able to improve their business over the years, they probably would not answer with the statement “because we used big data.” The reason for this is because each company has different business needs, demands and expectations. Big data analytics does not describe a single solution that would work across all the business activities.
It can certainly help your customer service. The relationship between customers and agents/customers can be dramatically improved through data analytics. You will have an easier time getting feedback and dealing with customers because they will feel better having an interaction with an agent who knows about their experience. However, you have to be careful when using big data analytics because your customers might be fooled into thinking that they are being well-informed if the solution actually makes them worse off.
It can certainly affect your profitability. Yes, if you do not properly manage and analyze your big data. If you do not take care of all the insights and information provided by the software, you may miss some opportunities for business growth and profit. In addition, the big data analytics could also tell you about potential problems that you could not find without proper analysis.
Yes, it can dramatically reduce errors in your process. One of the biggest reasons why businesses encounter high levels of productivity loss is that they frequently make mistakes. Big data analytics reduce the number of human mistakes and increases the accuracy of the data provided. This means that the processing of information will be much faster and more accurate. This means that your employees and even customers will have greater satisfaction from your company as a result. It also means that the time spent analyzing which of the following statements is false of large data could be significantly reduced.
Yes, it can simplify your decision making. The big data analytics allows you to make faster decisions and improve your process reliability and efficiency. In addition, the insights provided by the big data analytics can help you deal with difficult situations in a quicker and better way. Your customer and employee satisfaction will grow as a result of the use of this analytical tool. You will save time and money. As a conclusion, yes, it can lower costs and expand profitability.