Our very own Matt Kulp published an article about how to harness the power of data in the latest issue of PARCEL. He discusses how to collect data, and how to use it to personalize customer experience, forecast demand, improve customer support and more. Use the link below to read the full article!
Predictive analytics involves using historical data and statistical algorithms to forecast future trends and outcomes – also the foundation for artificial intelligence technologies. Businesses can leverage this technique for demand forecasting, allowing them to adjust inventory levels to reduce overstocking and minimize stockouts. Accurate demand forecasting helps businesses allocate resources and capital efficiently, reducing costs associated with excess inventory or missed sales opportunities. These benefits can directly translate into higher profitability.
Click here to read the full article!