Tag: Big Data Analytics

Data Analytics

SpendEdge Webinar on 7th and 8th Feb – Is advanced analytics shaping the way procurement teams will look at data?

The procurement department is considered to be the backbone of any business – and even though for many years, the procurementyatheesh department functioned more or less the same way, the new wave of digital technology has led to a radical shift in that thinking. The rapid development of digital technologies has changed the business world altogether and is expected to grow at an unprecedented rate. So it is entirely possible that the procurement teams will be dealing with new sets of digital opportunities. The rapid evolution of data analytics capabilities has enabled companies to store and process a large volume of data to generate relevant business insights in real-time. Such insights provide valuable information to the procurement teams, which help them make smart decisions on spending, managing suppliers, and designing better strategies. In an era that is fiercely competitive, the use of data analytics in procurement functions becomes essential to gain a competitive advantage. In a few years, analytics in procurement will not only be a matter of gaining a competitive edge, but also a matter of survival.

What are the opportunities for advanced data analytics in the field of procurement?

sanyaFor a long time, businesses have been reliant on intelligence systems to process historical information and identify the current trends in the business. The capabilities of those systems were limited to the point where they could only help out with basic forecasting. However, data analytics has and will continue to have considerable implications in the field of procurement. Historical data can be used to generate meaningful insights and propel strategic business decisions. Big data and advanced data analytics can also enable automated P2P procurement, predictive strategic sourcing, and establish a proactive supplier relationship management strategy. The rapid evolution of the IoT will only exacerbate the vision of a fully automated future, moving procurement teams away from small, repetitive tasks to tasks that are more strategic in nature.

Conducted by SpendEdge’s procurement experts, this webinar on the 7th & 8th of Feb will cover the following:

  • What are predictive, prescriptive analytics, and advanced data analytics?
  • Explore how predictive analytics helps achieve efficiency in the procurement process lifecycle
  • Key non-procurement areas where advanced analytics could add significant value
  • Insights on successfully setting up a best-in-class advanced analytics strategy

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Social Media Analytics

Top 5 Social Media Analytics Agencies You Should Know About

Social media has presented itself as a powerful tool for brands to facilitate two-way communication with their customers. Social media platforms have made it possible for the brands to get a deeper understanding of their customers, their sentiments, preferences, and experiences. Numerous brands have harnessed the power of social media to drive engagement and consequently increase sales and customer satisfaction. However, with multiple social media platforms available including Facebook, Twitter, Instagram, Snapchat, LinkedIn, Pinterest, and Yelp, brands can have a hard time managing all their accounts and derive a meaningful insight. Numerous social media analytics tools are available for brands to streamline their social media accounts to get a unified view and derive actionable insights. Additionally, countless creative and digital agencies are serving brands to develop their digital presence and improve customer engagement. SpendEdge agrees to the rising popularity of social media analytics services market with the recent procurement market intelligence report estimating the industry CAGR at an impressive 29%.

Request Free SampleTop Social Media Analytics Vendors Affecting the Market Growth

Epsilon

Epsilon is a part of Alliance Data, which is a leading provider of loyalty and marketing services analytics derived from capture and analysis of transactional data. This social media analytics service provider creates powerful tools for a brand to create effective campaigns across multiple digital channels. Epsilon helps brands right from the start helping them create engaging content, developing social presence, and devising a successful marketing strategy. Epsilon was ranked market leader among all the US digital agencies across all disciplines by Ad Age in 2016.

Accenture Interactive

Accenture Interactive provides a wide range of services which helps CMOs to drive their overall marketing performance. Their social media analytics services range from content management, campaign management, and customer analytics which helps deliver engagement, conversion, and brand loyalty for its clients, and thereby improving the overall customer experience. Additionally, they boast a wide range of social media analytics tools including Social Media Strategy, Listening & Integrated Advanced Analytics, Campaign Management and Optimization, Brand Management, Compliance and Governance, Content Marketing and SEO Strategy, Social Customer Care and Workflow, and Community Development and Management.

Deloitte Digital

Deloitte Digital is a creative digital and consultancy agency, which helps its clients in content management on the web and mobile platforms. Leading brands such as Adobe, Vimeo, TOMS, and Yamaha avail the social media analytics services from Deloitte Digital. Such brands stick to Deloitte Digital because of its pay-for-performance billing, i.e., it gets paid when an agreed upon business result is achieved.

PwC Digital Services

PwC Digital Services have a full-service team of designers, technologists, and strategists helping brands and companies turn ideas into transformational digital businesses. Recently in 2017, PwC Digital Services was honored with Webby Awards for its services in the digital field. Additionally, the company also exhibits expertise across digital operations, digital strategy, brand engagement consulting services, and customer engagement consulting services.

SapientRazorfish

SapientRazorfish, a part of Publicis Groupe, is one of the world’s largest interactive agencies. They provide services ranging from IT modernization, marketing modernization, digital business strategy and innovation, data and AI services, and customer experience enhancements. The company also exhibits competency in social media analytics with experience in e-commerce, SEO, marketing services, marketing analytics, media planning, brand development, and mobile marketing.

Read more about the top social media analytics service providers along with digital agencies, technological innovation, pricing strategy, cost modeling, and supplier evaluation criteria in SpendEdge’s upcoming report on the global social media analytics services market.

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Software License

Top 4 Challenges Faced by Buyers in the Procurement of Retail Analytics Software

The retail industry generates a massive amount of data today including warehouse and inventory details, customer information, and transactional data. The retail sector has been using data analytics on a relatively small scale. Although the traditional analytics provided retailers with limited insights, the new technologies combine business intelligence and customer intelligence with raw transactional and behavioral data to generate derived measures. Today, the most advanced retail analytics software can assist with inventory planning, streamlining retail POS, shelf management, generating customer insight, customizing promotions, demand planning, and sourcing. The recent procurement market intelligence report from SpendEdge forecasts the market to grow at an impressive CAGR of 21%. However, leading retailers are facing major procurement challenges in integrating big data analytics for generating insights.Request Free Sample

Procurement Challenges in Retail Analytics Software Market

Lack of Expertise to Manage the Software

Retail analytics software’s such as NetSuite (Oracle), Tableau, RetailSTAR (CAM Commerce Solutions), SISENSE, and SAS Retail Analytics have interface and dashboards that requires expertise to operate. Most retailers do not possess such competencies or skills and would need an IT professional to manage the retail analytics solutions, thereby increasing the cost. To tackle such issues, major retailers are partnering with managed service providers to assist them with the implementation and functioning of the software.

Data Integration Challenges

A single retail store generates data across multiple channels such as warehouse, inventory, POS, and store management. Combine this with numerous retail outlets spread across vast geographies; retailers are faced with problems to integrate all different kind of data to derive meaningful insights. Also, most of the retail analytics software specialize in a specific area, which makes it even more difficult to integrate data from different sources across the retail supply chain. Majority of the retail analytics companies provide customers with a free trial before they move on to full version. Retailers can test the software out for compatibility with multiple data points before full-fledged implementation.

Data Identification and Utilization Challenges

Although retail analytics is capable of doing advanced nature of tasks, the final insights derived will highly depend on the nature of data provided as inputs. The data captured by retailers may vary, which makes it essential for retail analytics software to identify data points accurately. Although most retail analytics software providers assist buyers in filtering and utilizing data for insights, they might later find it difficult to judge the data insights provided by the solutions. It is a good practice to insert clauses in the contract requiring suppliers to train their employees.

Challenges in Alignment of Business Functions and Processes

With such high levels of volume, variety, and velocity of data being produced, buyers must automate business processes to ensure such data is available for effective analysis. However, due to the prevalence of legacy systems, buyers may face difficulty in automating different business processes. To tackle such issues, retailers invest in facilities and systems that can provide real-time data recording capabilities to implement analytical solutions.

 

Read more about the top procurement challenges in the retail analytics software market along with predictive analytics in retail, big data analytics, pricing insights, cost-savings opportunities, and supplier selection criteria in SpendEdge’s upcoming report on the global retail analytics software market.

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medical devices

Top 5 Suppliers in the Inventory Management Software Market

A traditional response to tackle the dynamic demand would be to stock up the products in mass quantities. Overstocking is a big problem for the managers as it increases the inventory. First of all, buying too many risks product expiry or stock obsolescence, and most importantly, it freezes up the much-needed capital, which can be utilized for other revenue-generating activities. As a result, managers increasingly depend on inventory management software to optimize the inventory levels and consequently improve operational efficiency. Inventory management software with accurate estimations helps in managing demand fluctuations, availing trade discounts, freeing up working capital, and increasing supply chain efficiency.

Request Free SampleSuppliers in the inventory management software market are looking for constant technological innovations such as the use of RFID chips technology, big data analytics, cloud-based systems, and IoT technology to help their clients improve profitability. The rising popularity of cloud-based inventory management systems has urged SMEs to opt for such solutions. Here are the top five suppliers in the inventory management software market who are influencing the market landscape:

Microsoft

Microsoft is the leading supplier in this marketplace, projecting revenues of over US$28 billion. Its software Dynamics 365 is extensively used in industries such as retail, electronics, furnishings, chemical, and automotive. It provides a broad suite of ERP software solutions under the brand Microsoft Dynamics such as Microsoft Dynamics GP, Microsoft Dynamics AX, Microsoft Dynamics NAV, Microsoft Dynamics SL, and Microsoft Dynamics CRM.

SAP SE

SAP SE has been serving some of the biggest companies such as Lenovo, McLaren, and United Breweries with their inventory management solutions. Their solutions help client balance inventory levels, analyze crucial inputs and signals, and model the impact on decisions on the global stock.

NetSuite (Oracle)

NetSuite offers their clients with solutions to manage and optimize their global supply chain. NetSuite offers bundled services including financial management, warehouse management, production management, SCM, warehouse fulfillment, procurement, and HCM.

JDA Software Group, Inc.

JDA software is one of the leading market contenders in the inventory management software category. With 31 years of experience in this market, they have been helping clients better their supply chain game by assisting them in planning and delivery.

Zoho Corporation Pvt. Ltd.

Zoho Corporation is a California based company with a strong presence in North America, Europe, and APAC regions. ZOHO is popular for using refreshing and easy-to-use UI in their software along with gamification. It offers end-to-end tracking, accounting and CRM integration, and warehouse management.

Read more about top vendors in the inventory management software market along with supply market landscape, pricing, and procurement insights in SpendEdge’s upcoming procurement report on the inventory management software market.

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Predictive Analytics

5 Vendors Transforming the Predictive Analytics Market

Today, data is everywhere, as every activity from picking up an item from a retail shelf to launching rockets into space generates data. The beauty lies not in the process of data generation but to gather such data, look for patterns and anomalies, and predict the future. Predictive analytics tools have advanced to such a level that it can easily outperform humans in accurately predicting and forecasting the future. Predictive analytics is a vital tool for business managers as the predictions help the managers to be well-prepared for future events. Predictive analytics along with automation opens up endless possibilities to exponentially increase business productivity. Vendors in this market have been harnessing the power of predictive analytics to help companies with customer intelligence, financial intelligence, decision support system, data mining, and fraud and security intelligence.

Request Free SampleHere are the most prominent vendors in the predictive analytics market:

SAP SE

SAP is a market leader in enterprise application software space, creating a revolution in modern-day business and technology. The company headquartered in Walldorf, Baden-Württemberg, has over 335,000 customers, generating revenues over US$24 billion. Mercedes, Aviva, and Vodafone are amongst the key clientele of SAP SE. SAP predictive analytics provides functional capabilities ranging from automated analytics, model management, data manager, predictive scoring, social and recommendation, and advanced visualization.

SAS Institute

SAS Institute is the world’s largest privately held software business, providing solutions to most of the Fortune 500 companies. The American multinational developer of analytics software excels in legacy system integration, machine learning techniques, and model monitoring. SAS Institute provides its services to clients such as The Royal Bank of Scotland, Aegon N.V., and BGF Industries. The company uses data, statistical algorithms and machine learning techniques to predict future outcome based on historical data.

IBM Corp.

The technology giant IBM has made a tremendous leap from hardware-based to a software-based company. In 2016, IBM’s AlphaGo achieved a remarkable feat by beating world champion Lee Sedol in Go, one of the most complex board games in human history. With over 105 years of industry experience, IBM has been serving clients like Metro Bank, DVB Bank, and NorthStar Anesthesia P.A. The company offers services in predictive analytics, prescriptive analytics, and machine learning with products such as IBM SPSS Statistics, IBM SPSS Modeler, Amos, and Predictive Analytics Enterprise.

Tableau Software Inc.

Tableau Software is an American company which produces interactive data visualization products focused on business intelligence. The company has been showered with many accolades and awards for excelling in providing data visualization solutions. LinkedIn, VISA, Skyscanner Ltd, and many other companies use the data visualization tools from Tableau Software. The software provides wide range of analytical tools including cohort analysis, what-if analsis, R integration, and sophisticated calculations.

Fair Isaac Corporation

Fair Isaac Corporation or FICO, is a data analytics company based in San Jose, California, that pioneered the FICO score, a measure of consumer credit risk. A majority of the lenders use FICO score to determine credit risk based on information kept by credit bureau on individuals. With over 60 years of experience in the industry, it boasts a strong client base of Southwest Airlines, Toyota, and Cabot Credit Management. It helps sharpen predictive modeling precision with products such as CECL Impairment Management, Model Management, Centralized Decision Service, and Optimization in Manufacturing.

Read more about top vendors in the predictive analytics market along with supply market landscape, advanced analytics, machine learning, procurement market intelligence, pricing strategies, cost modeling, and procurement insights in SpendEdge’s upcoming procurement report on the predictive analytics market.

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Preview of Global Predictive Analytics Market – Procurement Market Research Report

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inventory

What’s Driving the Inventory Management Software Market Towards Perfection?

Throughout the history of inventory management, there has been some form of inventory management mostly limited to manual counting methods.  The advent of bookkeeping did help the inventory management process by bringing in order and structure. However, stock validation still required time-consuming physical counts. The capabilities of a modern inventory management software to digitize the process surpasses all other legacy systems by exponentially increasing its efficiency. In addition to that, thereRequest Free Sample have been constant innovations in inventory management software that is driving the efficiency of organizational inventory and logistics management. Here are the top trends in the inventory management software market:

Increasing Use of RFID Technology

The advent of RFID technology has taken over the barcodes due to its ability to track vital product information at a much faster rate. Also, RFID technology can automate the inventory management process since the product need not be in proximity to scan. Organizations are progressively replacing barcodes with RFID tags to facilitate real-time inventory tracking to enforce better SCM.

Integrating Big Data Analytics with Inventory Management Software’s

The modern inventory management systems generate a substantial amount of data including product code, price, date of purchase, lot number, and revision number. Apart from inventory management in the warehouse, the rise of e-commerce has led to the generation of huge volumes of unstructured data that cannot be processed using conventional analytics. The capability of big data extends to the analysis of large volumes of data to recognize hidden patterns that can accurately forecast customer demand.

Cloud-Based Inventory Management System Bursting onto the Scene

Cloud-computing has empowered the small businesses to harness the power of modern inventory management systems because of significant cost savings opportunities and convenience. Additionally, it also gives the organization the flexibility to scale the system parallel to their business growth.

IoT and Automation

IoT largely eliminates the company’s inventory problems by providing improved connectivity and real-time analytics solutions. Using interconnected networks of sensors, phones, computers, and other systems, IoT can transfer all product information with the help of RFID tags and transmit the data to cloud-based inventory management software. This could radically change the way companies currently track their shipments by giving up-to-date information on the item regarding its location and condition. Furthermore, the inventory management process can also be automated as sensors in the warehouse can detect depleting inventory levels.

Read more about the trends in the inventory management software market along with supply market landscape, pricing, and procurement insights in SpendEdge’s upcoming report on the global inventory management software market.
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Supply Chain Management

Top Five Trends in Supply Chain Management that can Boost Profitability

Organizations are pushing themselves on all fronts to be competitive and sustain themselves in the modern marketplace. They are forcing all business functions to perform at their most efficient level. Improvements in selected business functions could lead to drastic changes in creating a competitive advantage. Supply chain management is one such business function where innovations andSE_Demo2 increased efficiency can lead to remarkable performance improvement. Add to that the fact that a modern-day customer is very demanding; it puts added pressure on supply chain management to innovate and introduce new and efficient practices.

So, here are some such trends and practices that are changing the landscape of supply chain management:

#1 – The Rise of Click and Collect Delivery Model

Numerous reports state that more than 10% of sales have come through the click and collect model for major retailers in the UK. The future for click and collect model looks bright as the numbers are constantly rising. The click and collect model also significantly improves a retailer’s revenue and customer satisfaction by ensuring faster and reliable deliveries, saving real estate cost, and increasing their reach.

#2 – Last Mile Connectivity

Last mile delivery is the most cost-intensive process of supply chain management. In an effort to get a hold of this cost, new methods have emerged in the market. For instance, Walmart has resorted to crowdsourcing to encourage its customer to deliver online orders to online shoppers located nearby by giving them discounts. Another breakthrough in last mile connectivity is the successful testing of Amazon Prime Air, which delivers a package with the help of drones.

#3 – Collaboration to Optimize Supply Chain

Majority of the supply chain models of companies do not operate at full capacity at all times. Businesses can save time and money by sharing resources such as a warehouse, transport vehicle, or delivery systems. For instance, Flexe is a collaboration platform that allows companies to rent out extra warehouse space to those organizations that need them.

#4 – Next-Gen Technologies

Supply chain management professionals increasingly depend on new technologies to boost their performance. The ability of millions of devices to communicate with numerous sensors opens up a wide range of possibilities from tracking the location of the product to disclosing its condition. IoT, big data analytics, and machine learning can create a paradigm shift in how companies manage their inventory, logistics, and forecasting so that they can reduce wastage and increase profitability.

#5 – Automation and Robotics

Automation and robotics have found its use in multiple aspects of supply chain management. They can be used in inventory counting, perform repetitive tasks, and assist in picking, packing, and sorting. Apart from robotics, automation could be leveraged to place an order, which is low in stock automatically.

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AI, machine learning, blockchain, and big data

The Rise of AI, Machine Learning, Big Data, and Blockchain – Are Machines Threatening the Job of a Supply Chain Manager?

Technological advancements in AI and machine learning have come a long way, causing a stir among some people over the future of humanity. Today, many complex tasks that could once be done only by a human can be done by a machine. Deep learning and neural Get More Infonetworks have given computers the ability to think like a human, and in some case a lot better. So, does this mean that machines will take over the job of a supply chain manager? It seems quite early to come to that conclusion yet, but recent development suggests they are getting closer.

Does Perfect Information Exist?

For a long time, perfect information was considered a myth. A supply chain manager is equipped with supply chain and logistics data, but cannot have perfect information about the market. However, machines have an edge over the supply chain manager as it can take inputs from numerous sensors, communication devices, servers, and data registers. In addition to this, it can also process all such information to provide a robust analysis of the problem.

Machine Never Forgets

A supply chain manager can forget to execute a certain task or delay some decisions, but an interconnected network of IoT devices wouldn’t miss out. For instance, sensors in the warehouse can identify reduction in stocks and automatically place order requests to the supplier. Thus, IoT can cut costs and improve efficiency requiring lesser personnel, which contributes to increased profitability.

So, What About the Security?

There are security concerns over increasing our dependence on machines. Questions such as what if someone manipulates the data or what if the system is hacked raises concerns over security. To resolve such security issues, supply chain managers are resorting to private blockchain technology. Such a technology enables a supply chain manager to share information with restricted stakeholders and at the same time maintain transparency.

The IoT technology and accuracy of algorithms are improving each day. However, the day when a supply chain manager will be replaced by a machine is a distant dream. At present, supply chain managers are embracing this technology to optimize their supply chain. Even in the near future, people are required to do handover jobs, make strategic decisions, and maintain supplier relationship.

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air quality

Top Procurement Trends in Air Quality Monitoring Market

Measurement of air quality is of vital importance to many businesses. In some sectors, it’s a means of attaining a healthy working atmosphere, whereas in others it can be of critical importance. For instance, a single speck of dust can ruin the functioning of an entire Request Free Samplechip. Organizations invest in top-notch air quality monitoring systems not only to improve the working conditions but also to comply with emission standards. They do so by employing various indoor and outdoor air quality monitoring (AQM) systems along with ozone monitoring and control systems.

Organizations and governments are demanding complex air quality monitoring systems as they have to adhere to stringent emissions regulations. Here are some of the procurement trends in the air quality monitoring market:

Demand for Real-Time Monitoring of Air Quality

Environment protection authorities are demanding real-time monitoring of air quality to monitor constant changes in the quality levels. This way, they can alert citizens to take protective measures such as wear masks in case the air quality exceeds the stipulated standards. For instance, air monitoring network in Queensland, Australia provides an hourly update on air quality and publishes the data immediately for corrective actions.

Use of Modeling Techniques for Air Quality Monitoring

More complex aspects of air quality monitoring require using mathematical simulation to derive a correlation between the source of emissions and its impact on ambient air quality. This way, authorities can use such models to anticipate the result of policy change aimed at reducing air pollution. AERMOD, CMAQ, C-LINE, and Downscaler models are some of the widely used modeling techniques by local authorities.

Cross Border Collaboration for Effective AQM 

It is essential for environmental agencies across different regions to collaborate on reducing emission levels. Collaborations across the geography amongst environmental agencies results in improvements in the air quality monitoring methodology. Such measures help them develop new measurement methods and achieve long-term sustainability results.

Read more about market development in air quality monitoring market along with supply market landscape, pricing, and procurement insights in SpendEdge’s upcoming procurement report on the air quality monitoring market.

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supply chain planning

IoT: A Gamechanger in Supply Chain Planning

The age of computer and robotics is being overtaken by the advent of big data and Internet of Things (IoT). IoT is stirring up a revolution in all major industrial areas with a network of interconnected devices sending out commands to be executed without human intervention. Supply chain planning is one such area where IoT is altering the market landscape. Organizations adopting IoT are already reaping its benefit with reduced overall costs and increased efficiency. In the area of the supply chain planning process, IoT enables the business to monitor, communicate, analyze, and take actions in real time.

How can IoT Help Perfect the Supply Chain Planning Process?

Automate Inventory Levels

IoT can automate the process of maintaining optimal inventory levels. With the help of RFID and barcodes, sensors can identify stock levels for each item and automatically place orders to the suppliers.Get More Info

Predictive Maintenance

Various sensors in the manufacturing unit such as temperature, humidity, vibration, and speed can gather data and feed it to the central unit. The unit can thus analyze such data and alert users before a possible machine breakdown so that the necessary maintenance task can be performed.

Logistics Optimization

IoT significantly improves the in-transit visibility within the logistics ecosystem. Cloud-based GPS and RFID technologies allow for accurate tracking in terms of identity, location, and other information. Suppliers can then automate shipping and delivery by gathering data on estimated time of arrival, along with maintaining and tracking the quality of the product in-transit with temperature and humidity sensors.

Other Areas

Apart from these, IoT is also being used in fleet management, building intelligent networks, vendor management, and many other applications.

How Walmart Used IoT to Create a Competitive Advantage?

Walmart has recently secured a patent for a system of connected sensors to monitor customer’s product consumption patterns. The sensors are attached to products and are identified using technologies such as RFID, Bluetooth, bar codes, and radio frequencies. These sensors track how a product is used and its location. For instance, the tag reader on a fridge could scan the number of items inside it and monitor the food condition and reorder as per necessity. It analyzes usage pattern of the product to determine when a replenishment is required or if the item should be replaced or upgraded.

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