Friday, November 7, 2014

Using #SocialMedia and #web intelligence through #Bigdata in #SupplyChain responsiveness

Using Social media and web intelligence through Big data in Supply Chain responsiveness

Using inputs from the web and social media to make successful product launches by fine tuning the forecasting and almost real time response to the consumer demand.

Incorporate this feature into the Demand forecasting product. Companies can respond to the changes in market situation almost real time instead of trying to predict and build up inventory.
As the product life cycle if shortening and the product profitability is determined in the first few months, this feature and expertise can become a tool for competitive advantage. For example in mobile phones the profitability is determined in the first 5-6 months itself.

The first cut of the forecasting can be done by using forecast history of similar products. However in consumer electronics product finding a similar product may be difficult as the product features vary a lot. A better way would be to do a basic level of forecasting and build up inventory. After the product is launched a flexible and agile supply chain help you to meet the customer demand in a much better way.