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.
