Tag Archives: optimization

How retailers can leverage next-generation business intelligence and augmented analytics in 2023

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In 2023, retailers will be able to leverage next-generation business intelligence and augmented analytics in a number of ways to improve their operations and drive growth. The current generation of BI tools and platforms has already had a major impact on the way businesses operate. However, the next generation of BI is expected to be even more powerful and transformative.

Here are eight key areas where retailers should consider deploying next-generation BI to drive major business impact and further insulate in times of uncertainty:

1. PERSONALIZED MARKETING AND CUSTOMER EXPERIENCE

Augmented analytics can help retailers analyze customer data and create personalized marketing campaigns and shopping experiences. For example, a retailer could use augmented analytics to identify customers who are likely to respond to a particular type of promotion, and then target those customers with personalized marketing messages.

2. INVENTORY MANAGEMENT AND SUPPLY CHAIN OPTIMIZATION

Next-generation business intelligence can help retailers optimize their inventory management and supply chain operations. For example, a retailer could use BI to analyze sales data and forecast demand for particular products, helping them avoid overstocking or running out of popular items.

3. FRAUD DETECTION AND PREVENTION

BI and augmented analytics can also be used to identify and prevent fraudulent activity. For example, a retailer could use these technologies to analyze customer behavior and identify patterns that may indicate fraudulent activity, such as unusually large purchases or suspicious payment methods.

4. PRICE OPTIMIZATION

BI and augmented analytics can also help retailers optimize their pricing strategies. For example, a retailer could use these technologies to analyze sales data and identify the optimal price for a particular product, taking into account factors such as competition, demand, and margin.

5. INTEGRATION WITH OTHER TECHNOLOGIES

Next-generation BI is also expected to be more closely integrated with other technologies, such as the Internet of Things and blockchain. This will allow retailers to take a more holistic approach to data analysis, gaining insights from a wide range of sources.

6. REAL-TIME ANALYSIS

Another key trend in next-generation BI is the ability to analyze data in real time. This will allow organizations to make timely, informed decisions based on the most up-to-date information available.

7. ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING

One of the major trends in next-generation BI is the use of artificial intelligence and machine learning to analyze and interpret data. With these technologies, BI systems will be able to automatically detect patterns and trends in large datasets, providing insights that would be impossible for humans to uncover on their own.

8. ENHANCED COLLABORATION AND ACCESSIBILITY

Finally, next-generation BI is expected to be more collaborative and accessible than ever before. With advanced visualization and collaboration tools, teams will be able to work together more seamlessly, sharing insights and making decisions in real time.

 

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Supply Chain Network Optimization Technology is Ripe for Disruption

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Something struck me after spending a few days in Phoenix at Gartner’s Supply Chain Executive Conference.

Supply Chain Network Optimization is key to running an efficient and profitable operation today.

But while the market has changed, network optimization hasn’t actually advanced much since the 1990s. Yes, there are lots more features and a big increase in computing power. Yet, network optimization is still just a richer version of the 90’s experience.

Analyzing the Software Market

Network optimization software has become a big business that’s experienced exponential growth. There has been a strong adoption of boxed solutions that are feature rich with many bells and whistles.

What I heard at the Gartner conference is growing frustration with these large packages that have become cumbersome to use, too difficult for the average supply chain expert, lack flexibility and have high price tags. Sound familiar?

So what is the alternative? First, we need to go back to the original purpose. Supply Chain teams shouldn’t be overly focused on technology. Instead, they should have their eyes set on the desired outcome.

Supply Chain teams want a supply chain network that runs in an optimized fashion, with signals that indicate when and where to invest in future infrastructure. The network optimization tool should just be a means to an end.

So why hasn’t it become easier and cheaper to have an optimized network? Why are companies investing more and more in this focused discipline?

Read more at Supply Chain Network Optimization Technology is Ripe for Disruption

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SenseAware is FedEx’s Internet of Things Response to Supply Chain Optimization

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Supply chain visibility is critical to a company’s operational performance improvement, according to 63% of 149 responding companies in a survey conducted by Aberdeen Group.

“Visibility is a prerequisite to supply chain agility and responsiveness,” the report states.

And it requires tracking the location of a shipment not only at the transportation level, but also at a unit and item level.

Location tracking is good protection against shipment theft or loss, but companies need a deeper level of visibility for their products, according to FedEx.

The company’s solution? The IoT-inspired SenseAware, a sensor-based logistics solution.

SBL uses sensors to detect the shipment’s environmental conditions while warehoused or in transit and sends the data – via wireless communication devices – to a management software system where the data is collected, displayed, analyzed and stored.

It is “the basis of a powerful new central nervous system for the global supply chain,” according to FedEx.

The device is meant to provide intelligence that can help enterprises coordinate and manage product, information and financial flows.

Read more at SenseAware is FedEx’s Internet of Things Response to Supply Chain Optimization

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Supply Chain Analytics: How Manufacturers Can Get The Most Value Out Of Their Automated Data Capture Technology

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There are a prolific amount of data sets and data sources available that can help overcome the aforementioned challenges. The problem is that “big data” is coming in from so many varied sources, and manufacturers simply do not know what to do with it or how to use it. The answer lies in supply chain analytics. With the right analytical tools, manufacturers can obtain actionable, meaningful, and supported insight from available data in order to make better business decisions. When it comes to AIDC, supply chain analytics are most useful in two chief areas: device optimization (the technology itself) and labor management (those who are using the technology).

AIDC Device Optimization

With supply chain analytics, manufacturers can receive timely and relevant feedback about their AIDC platform to determine how the technology is performing – feedback beyond what is provided by a typical Mobile Device Management solution. Through this insight, users can better understand the underlying causes of inefficiencies, identify areas for continuous improvement, perform predictive analysis, and more. For example, through dashboard and reporting tools, manufacturers can easily see device utilization data to determine user adoption rates. They can monitor battery performance of their devices in the field to prevent downtime. Or, they can even make sure that the right tools are available at the right time. As a result, manufacturers can optimize their mobile deployments to attain additional ROI.

Labor Management

The second component to this equation involves labor management. Using supply chain analytics, it is possible to match the right tools with the right people, and the right people with the work. Analytics platforms accomplish this by gauging and managing the labor resources that use the technology in terms of measurement of activity benchmarking, engineered labor standards, and dashboard reporting. These tools take into consideration production data (volume), integrated with labor, cost, customers, and time data.

Achieving Analytics Success

Supply chain analytics tools can provide practical and fully actionable (fact-based decision making) information to help optimize the supply chain from an AIDC and human capital standpoint. Along with the right AIDC tools and support organization behind those tools, supply chain analytics can assist in driving more revenue, reducing your cost structure and improving the experience of your customers and your workforce. Yet, this is only a piece of the supply chain analytics puzzle. Looking forward, manufacturers will continue to extend the capabilities of analytics tools to gain insight into the overall performance of the manufacturing facility. With the influx of the Internet of Things (IoT), more data points are available than ever before, which allows manufacturers to gauge the efficiency of a particular production line or overall equipment effectiveness (OEE).

Read more at Supply Chain Analytics: How Manufacturers Can Get The Most Value Out Of Their Automated Data Capture Technology

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