There are six powerful factors driving the COO’s rising interest in unified demand forecasting. This is partially driven by companies shift from siloed, stand-alone approaches to unified, enterprise-wide operations. Market leaders are paying attention to these six additional drivers:
Big data moves faster, changes more rapidly, and has the potential to provide deep insights that weren’t previously possible. It makes sense, therefore, to adapt our business processes to handle big data and data velocity.
Success today is all about data: collecting it, harmonizing it, analyzing it, and quickly making the smartest business moves in response to it. In fact, a McKinsey study revealed that organizations that embrace customer analytics strategies have been shown to outperform their competitors and improve their corporate performance. An elastic data hub architecture can make those benefits a reality for your organization through greater speed, power and flexibility.
For consumer packaged goods companies serving retailers, forecasting the true demand for perishable products is the key to maximizing revenue while reducing the costs associated with salvaged goods. This can translate into millions of dollars of savings and additional revenue annually for some companies.
For enterprise companies, data can be a double-edged sword. On one hand, well-curated and organized data has the potential to unlock great insights, from unexpected customer behaviors to missed market opportunities. On the other hand, poorly handled data can mislead and distract—a problem that only grows with the more data you have at your disposal.