Populous World: Big data analytics for wholesale distributorsbusiness-intelligence business big-data-analytics big-data
In a fiercely competitive future, and ever increasing demands and pressures in today’s busy business world, distributors need to withhold their cutting edge, and it is a sign of the times that businesses need to be astute in what is trending within the industry. For the purpose of this article we shall explore the industry of wholesale distributors and how big data analytics can help sustain a competitive stance.
The industry of wholesale distributors is a vital member of economic stability and growth. Wholesaling is a large industry in the United Kingdom, with an annual turnover of over £670 billion and employing well over one million people. It involves the resale of new and used goods to retailers, businesses to business trade, and the resale of goods to other wholesalers.
Wholesale forms a crucial part of a value chain which for example, links large food and drink manufacturers with independent retailers and foodservice providers across the U.K; including the entire chain that the Federation of Wholesale Distributors estimate that it supports 1.3 million jobs and £41 billion in gross value added.
For wholesalers, the process of distribution seems quite straightforward. A business orders a product from the supplier; the distributor picks it up from the supplier, delivers it to the buyer, and customers purchase from the buyer. However, the larger the distributor, the more operational challenges it faces. Running warehouses of any size can be difficult, as you have to juggle the priorities of stock control, delivery scheduling, vehicle fleet management and, of course, worker safety.
Another disrupting reality is that the distribution industry is evolving rapidly. Disruption is now considered as the new norm, especially in 2018. We live in a digital revolution that is here to stay, and shopping trends as well as consumer behaviour is constantly changing.
Big Data analytics
One way for distributors to stay competitive is to invest in business intelligence data analytics. Big data refers to large volumes of both structured and unstructured information, which is produced in a business regularly. It is worth remembering that the volume of data is not as significant as what a business is capable of doing with that information. The benefits of big data analytics include obtaining all of the information your business requires to make positive business decisions and empowers you to make strategic moves. As a result, these positive decisions facilitates you to be innovative and heightens business productivity.
Big data analytics further offer you the insight into the satisfaction level of your customers. Some companies have even modified their products, services and marketing strategy based on the data analytics, in order to reflect the likings of their consumers.
A distributor that can identify and adapt to changes in industry and consumer trends will have an ultimate advantage.
To stay in the competitive race, it is important for any sizeable business to invest in data, and analyse this insight to ensure they are aware of the micro and macro trends affecting the market.
With the use of big data, distributors can maximise efficiency and reduce error, which will accelerate business decision making in a timely and accurate format.
According to data experts at Salesout, the future of distributors will be turbulent, with new entrants challenging established distribution models and making customers’ lives easier by delivering products ever-more quickly. It will be a world where wholesale data is in abundance — enabling manufacturers, wholesalers, retailers and foodservice to unite and strengthen the channel.
The use of big data
The improved accessibility to big data platforms and big data analytics software is benefiting businesses with the collection and analysis of data to mine useful business data and insights in order to further improve their product and service offerings. The benefits of big data analytics software include efficient analysis of collected data and the development of predictive and prescriptive models to further enhance overall productivity and value of a business.
The idea of big data has been looming for numerous years. Organisations today ensure that they secure all the data which flows into their business, in order to exploit analytics and acquire substantial value from it.
Before big data, enterprises were only implementing basic analytics such as numbers in a worksheet in order to discover trends and insights.
Big data analytics is a process through which businesses can examine huge amounts of data in order to discover correlations, hidden pattern, market trends and other useful insights. Businesses which implement big data analytics often unveil benefits including revenue opportunities, effective marketing campaigns, better customer service delivery, and more efficient operations.
The Populous World XBRL platform
The Populous World XBRL platform (PXP) provides datasets and analysis tools in a cost-effective way, so that businesses of all magnitudes can access the vast array of publicly available data and present it in an easily digestible format to them make decisions that will drive their business forward.
The developers at Populous World have created the PXP platform in a way that allows skilled researchers to offer their services via the platform, resulting in users benefiting in high quality reports. It also enables business owners who complete reports for their own use to sell these reports via the system to other users of the platform, which will then help to recover some of their investment in the service.
By way of an example, the information your business can obtain by creating visual reports from the PXP platform include the following:
Industry specific report:
1. Report based on a specific type of business
2. Industry trend from prior years
3. Tree map comparison and other visual displays of statistical data including mean and median sales, receivables and payables
4. Top 3 largest charges provider of a certain industry
5. Heat map of the largest and most players of a particular sector are located
6. Linkage to census data to the heat map to show areas where the players are most concentrated along with the description of the areas
Lou Chan, Populous World.
For more information about how to create an in-depth view of your surrounding competitors and formulate visual reports for your business to give you the competitive edge, visit Populous World’s PXP platform: https://populous.world/business-intelligence.html
Original article was created by: Populous World at medium.comDisclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.
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