Thousands of years ago, our holy Hindu scriptures predicted about the materialistic affinity that the whole world will be engrossed with, in Kali-Yuga. It is true in the times we live. Centuries ago, French Seer, Nostradamus predicted about 9/11. “Two steel birds will fall from the sky on the Metropolis…” It certainly indicated about the two airplanes that crashed into the twin towers of New York, the commercial hub of the world. The prediction about the rise of Hitler was mentioned by Nostradamus. Predicted centuries ago but proved to be true. Predictions have been a very exciting part of the world culture. It could give us a sense of fulfillment only if we could foresee our future.
What if this prediction stuff could be imbibed in the business environment? The retail clan around the world is indeed in need of predictions. The paradigm shift in technology has unleashed the ways to predict inventory levels across the supply chain. Retail Chains have already started benefitting from predictive analytics in a smart way. Predictive analytics is the way to predict what inventory level to keep and what not to keep on the daily basis. The predictions are succinctly based on the fed data of the retail store regarding their daily sales and current inventory level. And managing inventory is undoubtedly quite complex. Logistics and supply chain heads can’t have lofty dreams without realizing the nuts and bolts aspects of their inventory level. Predictive analytics crunches the fed data to get those numbers to keep your inventory levels optimized. Prediction works even now like primordial times. So, expect many path-breaking changes via predictive analytics in retail in times to come.
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