You’re a trader, and all of your cabbages have gone rotten. Now you’re fuming, thinking those who suggested cabbage as the “soup-of-the-day” must have meant it as a metaphor…
Right after hunters and gatherers first graced this earth, retailers quickly appeared on the scene. It is impossible to imagine an economy without the retail industry. Since the beginning of time, traders have craved to know what their expected turnover will be. Regardless of whether mail-order, online or brick-and-mortar retailers specializing in food, textiles or whatever else: successfully forecasting sales in order to avoid out-of-stock situations and expensive write-offs caused by surplus stock remains far more than just a simple triviality. What’smore, the foundations needed to achieve exactly this are now significantly better than ten years ago. Companies’ IT systems are now perfectly set up to suck up unlimited volumes of data without so much as a hiccup – and they can even spit it back out again, if needed.
Big Data – Too good to just file away and forget
Originally developed in the field of experimental elementary particle physics, the decision taken by numerous retail companies to use Blue Yonder’s predictive analytics solution has already paid off over the past few years, helping them to achieve dramatic cost savings. The way in which we understand, develop and implement our predictive analytics software gives it a completely different approach to those used by other Business Intelligence tools. In a bid to look into the future, we analyze every single bit of internal data along with any external factors that are deemed to be relevant – looking forward, instead of looking back.
Visionary: What we know predictive analytics can do
So what jumps out at the retail trade? Well for one, forecasts that are actually relevant, such as for sales, returns, store turnovers and the number of staff required. In fact, whatever the company in question needs to know. At the same time, automating goods procurement for instance also becomes a possibility. Every 24 hours, colleagues in central planning are sent purchase order proposals for their entire product range, and the purchase order is triggered automatically. Just a distant dream? We’d love you to come and talk to us about it. At the “BIG DATA & ANALYTICS Conference: Accurate Sales Forecasts in the Retail Industry” taking place in Cologne on June 19, we will be showing you what we expect the future of the retail industry to look like. Our theory: Your systems are bursting with dormant Big Data, waiting to be woken up and provide you with vital information. And here’s a quick message to those of you who usually just listen: During our conference, we don’t just want you to sit there and listen to what we have to say. Instead, we are hoping to forge a lively two-way discussion, full of insights into what actually goes on in practice.
As newcomers to blogging, we are still far too predictable. You don’t even need forecast software to understand our objective – we just want to be noticed! But this new project of ours will only pay off if you also add your two cents. So go ahead and tell us: How do you see the future of Big Data for predictive analytics in the retail industry?