We’ve heard a lot about how big data is changing the world, and even more about the changes that are still to come. There is more data collected now than at any other point in history, but many decision-makers have yet to figure out exactly what to do with all of this information.
Thankfully, in most businesses that hinge on an efficient supply chain, the inherent value of using predictive analytics is understood and accepted. Retailers, and especially clothing retailers, can benefit in many ways from gazing into the crystal ball that predictive analytics can provide. Here are a just a few examples to keep in mind.
Perhaps the biggest benefit to retailers that big data, and ultimately predictive analytics, can provide is a firmer handle on inventory. Some might think it’s a matter of ordering the same as last year to have enough stock, but predictive analytics is much more insightful.