Quantzig’s Supply Chain Analytics Helps a Prominent Retail Client Bridge the Demand-supply Concerns
The client: A prominent retail client Area of engagement: Supply chain analytics The global retail industry is witnessing a stipulated growth with the rise in GDP growth, burgeoning population, and increasing consumer spending. The industry comprises of establishments who are engaged in selling commodities for household consumption. With the recent economic recovery, prominent retail stores are finding […]READ MORE >>
The client: A prominent retail client
Area of engagement: Supply chain analytics
The global retail industry is witnessing a stipulated growth with the rise in GDP growth, burgeoning population, and increasing consumer spending. The industry comprises of establishments who are engaged in selling commodities for household consumption. With the recent economic recovery, prominent retail stores are finding ways to offer authenticity and convenience to cater to the growing demands of the customer segments. Moreover, in this customer-driven economy, it becomes essential for the retail stores to reinvent their business models to stay relevant in the current competitive marketplace. Additional factors such as urbanization, technological growth, and increasing demand for products will influence the growth of the retail space. Although the retail stores are witnessing promising growth due to the presence of numerous competitors, several factors may influence the growth of the sector. These include.
- High degree of competition: The recent years have witnessed considerable growth in the number of players offering a differentiated set of products. As price is a factor for the consumers, organizations are facing pressures to maintain pricing efficiency by delivering products at affordable costs. With the presence of numerous competitors, consumers have the option to choose from the player that promises quality while compromising on the costs.
- Lack of effective supply chain: For major retail stores, supply chain becomes an essential tool to keep track of the supply of their products and ensure that the goods are reaching out to the audiences in an agile and seamless manner. Prominent retail stores are also facing the need to maintain better visibility into their supply chain right from the manufacturing to the distribution of products.
- The rise of e-commerce giants: Today, major e-commerce retailers have become tough competitors for the physical retail stores. With the e-commerce platforms offering convenience and agility in their purchasing process, consumers can have access to the products easily. This can greatly affect their in-store buying behavior as compared to online stores purchases.
To effectively bridge the demand-supply concerns and offer more reliable services to the customers, supply chain analytics solutions have started gaining popularity among retailers. Supply chain analytics involves the use of analytical methods and techniques to design and manage their supply chains.
The Business Challenge
A prominent client with retail stores spread globally, wanted to understand the pricing pressures and develop efficient supply chain strategies to serve the needs of their customers. The client wanted to improve their logistical capabilities while maximizing overall profitability. Through a reliable supply chain analytics engagement, the client wanted to analyze the level of uncertainty associated with the supply of products and improve the forecasting capability to remain abreast of the customer’s needs. The primary objective of the supply chain analytics engagement was to gain end-to-end visibility into the supply chain and help identify the best suppliers to improve supply efficiency.
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The Solution Benefits and the Business Impact
The supply chain analytics solution offered by Quantzig assisted the client in assessing and identifying the top performing suppliers based on the key performance indicators. The client was able to make accurate shipments, on-time deliveries, and process payments on time. Moreover, the solution also helped the client’s retail stores to fine-tune their existing supply chain to improve savings and efficiencies. The supply chain analytics solution also helped the client leverage the use of predictive modeling and machine-learning techniques to anticipate the customer’s demand and accordingly adjust their inventory levels.
Supply Chain Analytics Predictive Insights
Quantzig’s supply chain analytics solution helped the retail store understand the current state of their supply chain and identify the typical risks associated with the supply in terms of purchasing overlaps and prices. The client was further able to gain standard metrics for comparing the performance of their supply chain as compared to the industry counterparts.
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