How To Use Data from the Supply Chain to Improve Your Retail Business

Big data from the supply chain to your retail shop

In recent years, data has become increasingly important in the business world. Companies are now using data to improve their operations and make better decisions. One area where data can be very useful is in the supply chain. In this article we look at options for retailers to use the data from suppliers and vice versa.



What kind of data should you use?

Data from the supply chain can be used to improve your business in a number of ways. For example, you can use data to track inventory levels, optimize production, and manage customer orders more effectively. Additionally, data can be used to understand customer behavior and identify trends. So data-driven decision making can help you save money and time by reducing waste and increasing efficiencies.

In order to take advantage of these benefits, it is important to have a data-driven supply chain. A data-driven supply chain is one that uses data to inform decisions at every stage, from planning and procurement to manufacturing and distribution. There are a number of ways to create a data-driven supply chain:

Internal data

In order to make your supply chain more efficient, it is important to first look at your own internal data and find ways to improve its accuracy and completeness. This can be done by implementing processes and technologies that make it easier to capture and track data throughout the supply chain. For example, you can use barcodes or RFID tags to automatically track inventory levels, or implement a centralized product information management (PIM) system to ensure that all product data is accurate and up-to-date. In addition, make sure that all departments within your company are using data effectively. This includes collecting accurate data, storing it securely, and analyzing it regularly to make informed decisions.

External data

In addition to using your own company’s data, you can also incorporate external data sources into your decision making. This could include public datasets, competitor information, or market research. It could also include things like weather patterns, traffic reports, supplier sales history, etc. By taking into account this external data, you can make more informed decisions about things like where to source materials, how to route shipments, and when to schedule production. For example, Retailgear gives you access to supplier inventory and sales data as a retailer. You can view this directly from your cash register.

Data capture automation

One way to improve the accuracy and completeness of your supply chain data is to automate the process of capturing it. This can be done in a number of ways, such as using sensors to automatically track inventory levels or implementing RFID tags for product tracking or using software applications to automatically capture customer purchase history. By automating the process of data capture, you can reduce errors and ensure that all relevant information is captured in a timely manner.



The different types of data in the supply chain

So there are a variety of different types of data that can be used in the supply chain, including:

• Product information (e.g., dimensions, weight, price)
• Inventory levels
• Customer purchase history
• Supplier performance metrics
• Transportation routes

Each type of data can be used in different ways to improve the efficiency of the supply chain. For example, product information can be used to optimize packaging or pricing. Inventory levels can be used to forecast demand or plan production. Customer purchase history can be used to predict future trends or target marketing campaigns. Supplier performance metrics can be used to identify areas for improvement or select new suppliers and transportation routes can be used to plan shipments or choose carriers.

Let's look at how you could integrate and use this data as a retail shop.



Kind of data to use from the supply chain as a retail shop

As a retail shop, the most important data you can receive from your supplier are stock levels, prices and sales data. This information allows you to plan your inventory and make sure that you always have the products your customers want in stock. Thanks to the B2B Sales portal you automatically have access to this information as a retailer.

Access to product information (PIM)

Another important type of data you can receive from your supplier is product information. This includes things like product descriptions, pricing, and other details that you need in order to sell the products in your store. With Retailgear you work together with suppliers to share product information in a central product database.

Sharing sales insights with supplier

Another way to use data from the supply chain to improve your business is by sharing sales insights with your supplier. This helps them understand what products are selling well and which ones aren’t, so they can adjust their production accordingly. They can also think along with your stock, so that you can use the expertise of the representative.

So outsourcing inventory management to your supplier is another way that data sharing can improve your business. By giving them access to your sales data, they can better understand your needs and make sure that you always have the right products in stock.

How to handle unstructured data from customers?

There are different types of data that can be captured in the supply chain: structured and unstructured. Structured data is numerical information that can be easily analyzed (e.g., product ID numbers). Unstructured data is non-numerical information that is more difficult to analyze (e.g., customer comments).

In this section, we'll discuss how to handle unstructured data from customers. This type of data can be tricky to work with, but if you have a plan and the right tools, you can make it work for your business.

Understand what unstructured data is

Unstructured customer data is information that doesn't fit neatly into traditional databases. This could include things like social media posts, customer contact, customer reviews, survey responses, and so on. It's often messy and hard to organize, but it can be extremely valuable for businesses.

Collecting unstructured data

There are a few different ways to collect unstructured data from customers. One is to simply ask them for it - for example, you could send out a survey or post a question on social media. Another option is to use data mining tools to automatically collect this type of information from online sources.

Once you've collected some unstructured customer data, it's time to start organizing and analyzing it. There are a number of different methods you can use to do this, but one popular approach is called "text analytics." This involves using software to identify patterns and trends in the text data.

So what can you do with all this unstructured customer data? Well, there are lots of possibilities! For example, you could use it to improve your marketing campaigns, better understand customer needs and preferences, or even develop new products and services.

As you can see, there are lots of ways that businesses can use unstructured data from customers. If you're not already using this type of information in your business, it's definitely worth considering. With the right approach, you can use it to take your business to the next level.

Use Retailgear to leverage the big data in your industry

We offer a powerful platform that helps companies leverage the big data in their industries. With Retailgear, you can collect and analyze data from across your supply chain, including point-of-sale (POS) systems, order management systems (OMS), enterprise resource planning (ERP) systems, and more.

This data can be used to improve your forecasting accuracy, optimize inventory levels, track customer behavior, and much more. Retailgear also offers a suite of tools to help you visualize this data and identify trends and patterns.

If you're looking to use big data to improve your business, Retailgear is the perfect solution.

Create a unified commerce ecosystem

By bringing all information from all channels together in one system, you can provide the consumer with the best possible service. This is also known as unified commerce. So data from the supply chain can be used to improve your business in many ways. By understanding what data is available, and how it can be used, you can make better decisions that improve your bottom line.

A data-driven supply chain incorporates both internal and external data to make informed decisions about inventory management, product information, and sales. When all of this information is unified in one system, it becomes easier to outsource inventory management and other tasks to your supplier. This creates a more efficient commerce ecosystem that benefits everyone involved.