How Big Data Analytics in Changing the Facet of Inventory Management

People use big data analytics when they have a huge volume of both organized and unorganized data that is too large and it can’t be processed using the conventional database or software facilities. In most of the companies, the volume of data is too large. At the same time, it moves very fast and outrun the existing processing capacity of the currently used applications. Although, there are problems with big data, they are really helpful for a company to improve the operational efficiency, make profit, faster management and take wise business decisions.

Big data analytics makes sales inventory analysis effortless and uncomplicated. The main attraction of this system is its ability to process extensive information in an advanced way. If there are too much data without the use of technology, it may create problems than their value. If a business has conventional IT structure, their large data volume can be a challenge for them. Because, on-premise solutions can’t manage the weight of large data sets. In case of big data analytics, there will be variety, volume, veracity and velocity. 

      

Big data analytics can manage the size of the captured data, the speed at which data alters forms of data sources, and ambiguity of data accuracy. The process of big data has the ability to analyze data in real-time and to extract critical data for operation.

How big data is changing inventory management?

It is helping to integrate business systems to improve operational efficiency of a business while delivering higher profits than before. Innovative business owners are now realizing the benefits of big data analytics after applying it across their supply chains.

Enhanced operational efficiency:

In comparison to the older reactionary models, big data analytics helps remove hindrances and enhance efficiency in supply chain operation. It’s a great option for the operations manager to improve the supply chain efficiency.

Maximize profit:

Real time data are highly essential in the wholesale distribution industry. Big data provides greater insights to achieve maximum profits.

Reduced costs and increased customer satisfaction:

The cloud based nature of big data curtails both hardware and maintenance costs. The system can also be integrated with the existing IT system with a minimum expense. This process helps match inventory and inventory levels to orders accurately. It increases customer satisfaction.

Management Information Systems of Wal-Mart’s Retail Link

The Wal-Mart Retail Link system is one of the largest B2B supply chain systems in the world. This connects consumer purchase data to the Wal-Mart purchasing system and to vendor supply systems. Retail link plays a key role in Wal-Mart’s corporate strategy to become the dominant low cost provider of retail goods. Simple Steps Together we lay out the individual decision-support that needs of your team are  

•        Salient helps create automated Retail-Link feeds of raw details by date. (Any roll-up and any drill-down are then available for independent management access.)
•          We work with you to create automated feeds from your in-house systems, such as: sales, inventory, shipping and related facts.
•          We bridge the sources together with cross-reference tables so your customer numbers and product numbers reconcile to Wal-Mart codes when necessary.
•          We provide the means to leverage the information to maximize margins.

1.  Salient Dashboards- For interactive web building and viewing of consolidated performance facts (drag & drop web 2.0 style interface).
2.   Salient Interactive Miner- An interactive Visual Data Mining system that can let your internal personnel explore beyond the boundaries of typical dashboard systems, and into root causes in the underlying data.

Benefits:

•          Time Savings - the overhead involved in manual report building with data from multiple places is eliminated.  
•          Intuitive Analysis - rather than delivery only charts & graphs; Salient VDM helps managers identify root cause.  
•          Root cause data-mining – see the connections and relationships in the data to easily identify problems and opportunities.

Retail margin:

It is measured and reported back to Wal-Mart using figures from the Wal-Mart DSS pre-built reports. The summaries can be used when working with Wal-Mart buyers on specific items. Price management is a very important part utilized here to keep track of which items are “rolled back” and for how much and how long. This provides regular automated extractions of these facts based on what’s important to your Retail Link team, and helps you focus on what to do about the results.