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Supply Chain Management Peper
Supply Chain Management Peper
Role of purchasing and supply management
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Introduction
Big data is a relatively recent concept in the marketing world that describes the process of analyzing massive data sets to uncover trends. The data sets are so large that it would be almost impossible to find such trends without high-powered analytical technology. Big data has been facilitated by the ability to gather massive amounts of information about consumer profiles and shopping trends. The primarily facilitators of big data collection are credit card companies and online companies like Google and Facebook that track people's purchasing and computer usage patterns. Big data has been used in a lot of different industries to revolutionize everything from health care to manufacturing to government (Manyika, et al, 2011). Retailers use big data to better understand the "path to purchase" and then adapt their strategies to take advantage of this keener understanding (Macy, 2013). Some retailers have found that the use of big data can increase operating margin by upwards of 60% (Manyika, et al, 2011). This occurs because retailers are able to better-forecast demand for specific types of products and then are better able to sell those products by guiding the consumers through their path to purchase. This paper will analyze the use of big data by retailers, as they adjust to this new technique and find ways to apply it to their businesses.
How Big Data Works
Most marketers are tempted by the promise of big data, but using it effectively is a challenge. Many marketers are still trying to come to grasps with the best applications for big data technology. In order to maximize the gains from big data, marketers need to understand how it works. In general, big data begins with gathering the data. Data se...
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...fs. Retrieved November 13, 2013 from http://www.marketingprofs.com/articles/2013/11924/how-to-harness-big-data-for-better-holiday-shopping-experiences
Hockenson, L. (2013). How big data makes shopping online suck less. Gigaom. Retrieved November 13, 2013 from http://gigaom.com/2013/11/06/how-big-data-makes-shopping-online-suck-less/
Macy, B. (2013). How we shop: Internet of things, big data, social and mobile changes everything. Huffington Post. Retrieved November 13, 2013 from http://www.huffingtonpost.com/beverly-macy/retail-30-internet-of-thi_b_4210230.html
Manyika, J., Chui, M., Brown, B., Bughin, J., Dobbs, R., Roxburgh, C. & Byers, A. (2011). Big data: The next frontier for innovation, competition, and productivity. McKinsey & Co. Retrieved December 11, 2013 from http://www.mckinsey.com/insights/business_technology/big_data_the_next_frontier_for_innovation
Data Analytics has significantly grown in less than two years, this quick growth has caused the company to evaluate the IT environment and its ability to support the growth and secure the data of the company. The CEO is expecting the company to grow 60% over the next two years; with the success of the company it has been determined that a change to the current IT environment and infrastructure must occur to better support the employees and the customer base.
In the past number of years data has grown exponentially. This growth in data has created problems that and a race to better monitor, monetize, and organize it. Oracle is in the forefront of helping companies from different industries better handle this growing concern with data. Oracle provides analytical platforms and an architectural platform to provide solutions to companies. Furthermore, Oracle has provided software such as Oracle Business Intelligence Suite and Oracle Exalytics that have been instrumental in organizing and analyzing the phenomenon known as Big Data.
According to Lisa Arthur, big data is as powerful as a tsunami, but it’s a deluge that can be controlled. In a positive way it provides business insights and value. Big data is data that exceeds the processing capacity of conventional database systems. It is a collection of data from traditional and digital sources inside and outside a company that represents a source of ongoing discovery and analysis. The data is too big, moves to fast, or doesn’t fit the structures of the database architecture. Daily, we create 2.5 quintillion bytes of data. In the last couple years we have created 90% of data we have in the world. This data comes from many places like climate information, social media sites, pictures or videos, purchase transaction records, cell phone GPS signals, and many more places. From the beginning of recorded time through 2003 users created 5 billion gigabytes of data. 2011, the same amount was created every couple days. 2013, we created that same amount every ten minutes. Some users prefer to constrain big data into digital inputs like web behavior and social network interactions. The data doesn’t exclude traditional data that is from product transaction information, financial records and interaction channels.
Nasri, Grace. “Why Consumers are Increasingly Willing To Trade Data For Personalization.” Digital Trend. 10 Dec. 2012. Web.
As technology get more advance, people use cameras, tracking devices in the stores to track customers shopping behavior. The retailers apply every detail that they get from anthropologists to get people buy their products. Some people claim that the surveillance of consumers by retail anthropologists is manipulative and unethical. However, the claim is not entirely true. Many retail use the data they get from anthropologists and apply it to their store to create great experiences for their customers, encourage customers to revisited, and ultimately improve business performances.
The key strategy implementation efforts at Amazon all surround the use of “big data”. Big data is the growth and availability of large volumes of structured/unstructured data. The use of big data has allowed decision making based upon data and analysis instead of past experience and intuition. Big data has directed organizational change in allowing Amazon to expand from an online book store to an internet giant. Revolutionary application of big data has allowed Amazon to create superior service quality while motivating employees by providing real time information to solve customer issues. Big data has strengthened Amazon’s competitive capabilities by pioneering the application of big data and charging a monthly fee to smaller businesses
In today’s society, technology has become more advanced than the human’s mind. Companies want to make sure that their information systems stay up-to-date with the rapidly growing technology. It is very important to senior-level executives and board of directions of companies that their systems can produce the right and best information for their company to result in a greater outcome and new organizational capabilities. Big data and data analytics are one of those important factors that contribute to a successful company and their updated software and information systems.
In short, the Big Data challenges for organizations and enterprises in today's digital age. Once mastered big data, they will have greater chances of success in today's competitive environment, the world would benefit more from the extracted information more accurately, more useful lower costs. Still the criticism revolves around Big Data, however, the field is still very new and we'll see in future Big Data will evolve like.
For the past couple of decades the majority of businesses have wanted to construct a data-driven organization or company. Furthermore, companies around the world are considering harnessing data as a basis of competitive advantage over other companies. As a result, business intelligence and data science use are popular in many organizations today. The increase in adoption of these data systems is in response to the heavy rise in communications abilities the world over. Which, in turn ,has increased the need for data products. Indeed, the Data Scientist profession is emerging to be one of the better-paying professions due to the urgent need of their labor. This paper is going to discuss what business intelligence is all about and explain data science that is usually confused to be similar to business intelligence. I will tackle a brief overview of data scientists and their role in organizations.
Companies have transformed technology from a supporting tool into a strategic weapon.”(Davenport, 2006) In business research, technology has become an essential means that many organizations use in their daily operations. According to the article, Analytics is a major technological tool used. It is described as “the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions."(Davenport, 2006) Data is compiled to enhance business practices. When samples are taken, they are used to examine research and understand how to solve problems or why situations are as they are. Furthermore, in this article, Thomas Davenport discusses analytics from a business standpoint. He refers to organizations that have been successful in their usage of data and statistical analysis. In addition, he also discusses how data and statistics can be vital in the efforts to improve the operations of businesses.
"There's No Place like the Mall: U.S. Shoppers Unplug." Newswire. Nielsen, 23 May 2013. Web. 27 Feb. 2014.
Shopping and philosophy: Postmodernism is the new black. (2006, December 19). The Economist, Retrieved from http://www.economist.com/node/8401159.
When comparing two different ways of shopping most people do not even think about, they do both and not even realize it. In today?s society people shop while at work, after work and on the weekends, whenever time permits. Did you ever stop and think how can I get more time in the day for family or just myself? The best way to figure out with all the recourses we have; still most of us go into a store and spend time looking through racks and waiting in endless line to just purchase something. I compared going into a store verses online shopping; to see which on will save you time and money.
People are always going to go shopping. A lot of our effort is just: 'How do we make the retail experience a great one? '” - Philip Green