Orders, inquiries, complaints, deliveries, campaigns – the daily flood of data in the distribution is immense. Those who can use this data efficiently have a significant competitive advantage.
The biggest advantage of big data is transparency
Thanks to new technologies, relevant information can be drawn from the mass of customer data, deliveries, orders, transactions, product details, and manufacturer information in the shortest possible time.
This finally puts an end to the search for the needle in the haystack. Distributors can raise their logistics and distribution chains to a new organizational level and optimize their procurement management in the B2B business. For example, if purchasing succeeds in placing the quantities of individual products with the suppliers close to the current state, the profit increases.
Big data creates competitive advantages
Pricing also works similarly quickly: Complex demand-elasticity models first examine millions of sales and transaction data and then show in detail which prices have to be adjusted at the item level and how. In addition, traders can quickly and easily analyze promotions, causes of sales increases, or cost drivers of a campaign.
Big data thus offers a tangible competitive advantage in decision-making processes. The evaluation of IT-supported data helps to make faster and, above all, better decisions in day-to-day business. You can use the help of a big data consulting company for this.
The range of information is wide: master, transaction, and log data can be used as well as sensor and CRM data as well as web content and social media. The information obtained forms the foundation for new corporate strategies and creates advantages in negotiations with suppliers and manufacturers.
Big data as a forecasting and early warning system
Big data also sounds promising for the construction of forecasting and early warning systems. This would finally find a system that reliably foresees economic cycles and volatilities in the market and makes global supply chains more transparent. In plain language, this means that companies could react faster and more flexibly to market changes and minimize their risks and maximize their competitive advantage thanks to higher market intelligence.
Big data transparency for product reporting according to REACH, RoHS, or ELV is urgently needed. Because it is precisely the requirements for data management through material data, traceability, and compliance that have exploded in recent years. With big data-based search and analysis tools, distributors can quickly and easily find important information – for example, on RoHS compliance with certain components. Especially in small and medium-sized companies in the middle of the supply chain, this saves time, effort, and costs.
Big data is an absolute must for marketing because here detailed information is the key to customers’ wishes. In order to understand purchasing factors, providers must follow their customers through the web, evaluate click rates and conduct online surveys.
This is the only way to identify target groups in detail and offer tailor-made products and services. Precise contact reduces wastage in marketing and sales campaigns and saves costs. In addition, a better understanding of customers can serve as a springboard for innovation and detect undetected trends and new business opportunities.