5 Ways Big Data Can Help Retail Supply Chains -
Mo Data stashed this in Big Data in Retail and CPG
1. Real-time Delivery ManagementTracking delivery of shipped goods has improved over the years. Big data helps improve it even further by enabling real-time delivery management that analyzes weather, traffic, and truck location feeds to determine the exact time of delivery. Sensors can be used to track high-priced items in the shipment.
2. Improved Order PickingBig data solutions allow data from different sources like orders, product inventory, warehouse layout, and historical picking times to be analyzed together based on the rules defined by the retailer to improve the overall picking process. The solutions also enable running the improved order picking process in simulation mode.
3. Better Vendor ManagementBig data analytics solutions enable real-time management by reviewing vendor performance against a set of key performance indicators. These KPIs include vendor profitability, on-time service, and customer feedback and complaints.
4. Automated Product SourcingRetailers can stop marking certain products as “backordered” as they always know the exact lead times for sourcing them. This also reduces the number of abandoned shopping carts. Realistic lead times are shared with the customers by displaying an accurate shipping window before the order is placed, resulting in fewer queries about the order.5. Personalized or Segmented Supply ChainRetailers can segment their supply chain to offer some shoppers configurable products, where they can select features like color or wired versus wireless. A different segment of shoppers could get products that are environmentally friendly, and another segment could be offered value-added features like gift-wrapping. All this can be done in real-time by matching the available products with the target customer segments.