The Impact of Real-Time Data Analytics on Retail Supply Chain Efficiency
Author(s): Vivek Prasanna Prabu
Publication #: 2504024
Date of Publication: 08.06.2021
Country: USA
Pages: 1-9
Published In: Volume 7 Issue 3 June-2021
DOI: https://doi.org/10.5281/zenodo.15155661
Abstract
Real-time data analytics significantly transforms retail supply chain efficiency by providing immediate insights into operational performance, consumer behavior, and inventory management. This white paper examines how real-time analytics enhances decision-making, reduces costs, and optimizes inventory within retail supply chains. Leveraging real-time data allows retailers to respond swiftly to market demands, preventing inventory shortages and reducing overstock situations. Integration of real-time analytics supports enhanced forecasting accuracy, inventory visibility, and streamlined logistics operations. Retailers adopting these capabilities experience improved customer satisfaction through increased availability and faster delivery times. However, implementing real-time analytics also poses challenges, including high initial investment, technical complexity, and data privacy concerns. Addressing these challenges requires careful strategic planning and robust infrastructure development. This paper presents practical case studies, examines critical success factors, and outlines best practices in deploying real-time data analytics solutions. Ultimately, adopting real-time data analytics positions retailers strategically by improving operational agility, reducing costs, and enhancing customer experience.
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