A PwC poll revealed that over half of the respondents said their buying habits had become “more digital” as a result of the pandemic. In 2020, online shopping accounted for 19.6% of retail sales, up from 15.8% in 2019. As customers realized how quickly and easily they could buy what they wanted from their homes,
Top-demand-forecasting-lessons-for-crisis-planning Demand forecasting is the practice of anticipating future customer demnd over a given period using historical data and other information. Or, to put it more simply, we can forecast future demand for a specific product by analyzing various market factors such as price changes, product designs, competition, advertising campaigns, consumer purchasing power, employment opportunities, population,
Why Should I Automate The Data Pipeline? Data is the lifeblood of any successful business. It is fundamental to the way we run our personal and professional lives. Virtually every encounter generates data, be it software applications, social media links, mobile communications, or the growing numbers of digital services. Each of these encounters then generate even more data.   It is estimated that
How Is AI/ML Enabling Better Supply Chain Planning? Every year, supply chain disruptions cost businesses an average of $200 million. The present world situation, be it the COVID-19 pandemic or the Suez Canal choking in 2021 to the ongoing political war, has exponentially increased the risks of these disruptions. Market volatility, supplier inconsistency due to political and geographical barriers around the world, COVID
A premium automobile manufacturer in the UK spent over $3 billion on product recalls due to malfunctioning braking systems, rearview cameras, airbags, and other minor issues. Another European luxury automobile maker’s previous three annual reports indicated it spent about nearly $7 billion recalling products for problems ranging from door locks to batteries, fuse boxes, fuel
How Information Silos Are Impacting Supply Chains? Supply chain planning is a vast field involving many departments and stakeholders using different technologies resulting in data silos. Traditional supply chain models store information in Excel spreadsheets. They maintain multiple closed ERP systems for various parts of supply planning in these sheets. Various stakeholders involved in supply planning have been using these siloed systems
Blockchain : 5 Things you should know about it Talk of blockchain technology is everywhere, it seems — but what is it, and what does it do?   1. Don’t call it “the” blockchain The first thing to know about the blockchain is, there isn’t one: there are many. Blockchains are distributed, tamper-proof public ledgers of transactions. The most well-known is the record of
Advanced Analytics : The 3 Biggest Trends Changing The Data Eco-system You don’t need us to tell you that the data world – and everything it touches, which is, like, everything – is changing rapidly. These trends are driving the opportunities that will fuel your career adventure over these next few years. At the heart of these trends is a massive wave of data being generated
Customer Segmentation: Data Science Perspective Organizations around the world strive to achieve profitability in their business. To become more profitable, it is essential to satisfy the needs of customers. But, when variations exist between individual customers how they can effectively do that.   The answer is- by recognizing these differences and differentiating the customers into different segments. But how do