Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Information is the basis upon which to make decisions regarding the other four supply chain drivers. It is the connection between all of the activities
Information is the basis upon which to make decisions regarding the other four supply chain drivers. It is the connection between all of the activities and operations in a supply chain"(hugos17). Planning day to day exercises connected with the working of the other four supply chain drivers: production, inventory, location, and transportation. The organizations in a supply chain utilize data on products week by week to create plans, stock levels, transportation routes, and loading areas. Also it deals with Forecasting and planning to anticipate and meet future demands for products. Information is significant in forecasting in the retail industry as it gives important experiences and information that can be utilized to pursue informed choices and expectations about future patterns, customer conduct, and market demand. They can prove their real-time data and how its analyzed. Real-time data can help retailers respond quickly to changes in consumer demand and adjust their inventory and supply chain. If a retailer notices a spike in demand for a particular product in real-time, they can quickly reorder inventory and adjust their inventory meet the increased demand
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started