Big Data feeds analytics well beyond point of sales data that used to be the be-all, end-all in retail forecasting. Today, retailers and suppliers are tapping “Big Data,” which encompasses market loyalty, store and site traffic, social media and mobile shopping in addition to point-of-sale and marketshare data.
Fred Baumann, vice president at JDA Software Group, recently spoke at the University of Arkansas Supply Chain Conference about how advanced analytics fed by Big Data are changing the supply chain. He said tapping smart analytics are the key to solving out-of-stock issues at retailers, because by leveraging information across social media more real-time demand can be accessed.
Baumann said category managers have the opportunity to integrate relevant real time data into their forecasting. He said advanced analytics also may improve assortments and space planning for the retail store. He said analytics within the supply chain have to be a connected collaborative framework between retailer and supplier.