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May 02, 2023

Answer

Supply Chain Analytics: Understanding The Business Context: Chapter 4:- Impact On “Sell”

Key Takeaways

  • Understanding the big data analytics is one of the major areas that can be invested to gain knowledge on other substitutes to understand people. There has been an increase in the funding of the money-marketers to understand the nature and choice of the customers. A competitive business organization thus needs to be effective enough to meet all the needs of the customer in the most professional manner. The supply chain is the function that can link the organization to their customers and downstream of supply chain.
  • The article states that the biggest challenge for the organizations are to identify the different market segments and coordinate the supply chain needs in the most efficient manner. Thus it is important for the management to develop cost-effective goals that can provide the best advantage for the business in an organized manner.
  • Last but not the least the elements of marketing mix needs to be considered by the management as all the elements can help to develop the big data analysis in the most professional process. The development of the focus of the business towards the average customers are thus the major elements of the modern day business process. The use of big data analytics thus provides the best opportunity for the organizations to gather valuable customer data and use them in personalized marketing process of the organizations. Apart from this, micro-segmentation, cross-selling and behaviour analysis can also play a key role in the development and implementation of big data in an organized process.

Thought Provoking Question

Can the use of big data analytics really help to understand the ever-changing dynamics of human behaviour? If so how? If no then why not big data can be the answer for future market based analysis? 

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