Remember the good old days when consumer purchasing patterns were simpler? When brands and retailers could predict, or in some cases even determine what your customers wanted? Well, those days have passed.
Powerful mobile devices and cloud based apps, connect consumers to the Web anytime, and anywhere. The whole world is their marketplace. Instant access to information makes it easier than ever, for them to abandon their favorite brands when a competitor introduces something new. Incorporating prescriptive analytics (which I realize sounds like something you might hear at your doctor’s office) can help you make decisions and execute changes, even after your products begin moving along your supply chain.
How fickle have consumers become? According to statistics put together by Access:
- 58 percent of customers switch to a different brand (McKinsey Research).
- 74 percent of Millennials would change to a different retailer if they experienced poor customer service (ICSC).
Predict And Take Immediate Action
Predictive analytics tools remain invaluable because they can give you an understanding of the market trends that drive customers to buy certain products. However, today you also need to leverage prescriptive analytics to take the next step. This analysis enables you to optimize scheduling, production, and inventory, with prescriptive analytics supporting optimization and planning, so allowing organizations to set better goals. Leveraging dynamic pricing is an excellent example of how to use the most up-to-date information to address changing demand. You create a value chain because you can make better decisions in real time.
We’ve Got You Covered
That’s why Gravity Supply Chain Solutions enables you to leverage both predictive and prescriptive analytics. For more information, please fill out this short request form, and we will contact you within 24 hours to schedule a one-on-one demonstration and answer any questions you may have.