Application of Data Visualization & Analytics in Consumer Durable Sector

January 31, 2017 By 0 Comments

Introduction

Data Visualization & Analytics is no longer confined to the realm of technology. Today, it is a business imperative and is providing solutions to long-standing business challenges for consumer durable products companies around the world.

Consumer durable companies must ultimately appeal to fundamental customer wants and needs. While new sources of data like social media offer opportunities to uncover insights into consumer purchasing decisions and preferences, they also present new challenges associated with ingesting, managing and analyzing new types of data, such as free-form text, videos and geo-location coordinates. Moreover, consumers are expressing their opinions – both good and bad – in very public ways that often involve hundreds of personal contacts.

Data Visualization & Analytics in Consumer Durable Sector

So while the consumer durable products industry’s structured data is significant in size and scope, it is the world of unstructured data that is emerging as an even larger source of insight. consumer durable products companies need to harvest and leverage this information to gain a competitive advantage.

The latest Data Visualization & Analytics studies conducted across the globe reveal that 58 percent of consumer durable companies are using information and analytics to create a competitive advantage for their organizations. Compared to 39 percent of consumer durable products organizations that reported an advantage in IBM’s 2010 study, this represents a 49 percent increase in two years.

To compete in a consumer-empowered economy, it is increasingly clear that consumer durable products companies must leverage their information assets to gain a comprehensive understanding of markets, customers, products, distribution channels, competitors, employees and more. Consumer durable companies will realize value by effectively managing and analyzing the rapidly increasing volume, velocity and variety of new and existing data, and putting the right skills and tools in place to better understand their operations, customers, distributors and the marketplace as a whole.

Further down the road

Data Analytics Visualization presents many promising and differentiating opportunities for consumer durable companies. With extensive supply chains, often hundreds of unique brands and brand variations to manage, and millions of customers to serve, these companies rely on data to keep products moving from supply to store.

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