It is very important for logistic companies to generate more accurateâ€¯supply and demand forecasts using sales analytics to inform inventory and shipment planning. As a result, they can reduce waste and improve delivery times and achieve better sales & revenue on a regular basis. Sales analytics insights from data allow companies to adapt their logistics to uncertain economicâ€¯events more quickly.â€¯It is critical to identify mismatches between supply and demand in real time and data can come to the rescue through the visibility of point of sale (POS), inventory, and production volumes.â€¯This can be very helpful in situations like price changes, the timing of promotions, or the addition of new lines, to realign things.
How big is the market
The Supply Chain industry is one of the backbones of international trade worth over 5.7 trillion euros.
Driven by the substantial growth in the e-commerce industry, the global retail logistics market size was valued at USD 227.61 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.3% from 2022 to 2030. Due to increased worldwide trade activity and global transportation infrastructure expansion, the market is likely to rise incrementally.
As a result of increased globalization, international retailers have grown fiercely competitive. International retailing helps countries improve their economies by increasing tax revenue through importing and exporting commodities, which contributes to market growth. Similarly, the growing use of the internet has increased the number of trade and e-commerce opportunities available to international retailers. Companies are increasingly looking at data and the right sales analytics for achieving higher profitability.
using sales Analytics actively
Insights from sales analytics can be very helpful in predicting supply chain behavior, forecasting future demand based on past performance, and predicting possible supply chain disruptions & risks. This allows companies to prepare themselves and align their strategies to cater to any incidental peaks or troughs in demand and product movement.
Predictive analytics can also be used to anticipate demand peaks for any product, at any time, at the right place, and at the right price. Moreover, having insights into how customer demand will evolve helps plan and anticipate shifts, and inventory shortages, and reduces costs.
SCIKIQ Supply Chain Control TowerÂ
SCIKIQ supply chain control tower is a connected, customized dashboard of data of critical business KPIs, and significant events occurring throughout the organization.
Control Tower allows you to gather real-time valuable intelligence, minimize or eliminate manual processes, and break down data silos so that business executives can make decisions quickly for the business.
Sales analytics is a key part of the. the SCIKIQ logistics control tower which affects achieving business KPIs like
- Revenue Trends
- Sales Quota management
This helps a sales executive to have more conversions/bookings so that he can manage his sales quota and exceed it with better management. The executives can have better customer relations, and provide better feedback, and optimization to customers. They can look at new revenue trends and act accordingly.
This improves overall sales metrics.
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