Question

how data will transform business ?
please write an essay for about 450 words

Answer 1

The volumes of readily available data allowed us to consider moving from an approach of simply applying a static mark to fixed goods that pass testing to a complex understanding of supply chains and the complexity and composition of the goods they carry onto the market. Intersecting this with a specific market's enforcement environment provides us with an opportunity to better assist and appreciate retailers, distributors and suppliers in a way that goes beyond simply discussing regulatory compliance steps. Instead, we will also help ensure that the company meets the higher distribution expectations in different global markets as well as local stores, such as a large e-retailer or a large box store for bricks and mortars.

Take a television manufacturer for example. Instead of manufacturing a whole line of televisions and then bringing forward a selected model for testing to decide if it meets the requirements for health, efficiency and regulation, they begin by specifically identifying the television they want to create, and for which market. For this upfront perspective, we can evaluate data volumes for precision in order to be able to notify the supplier of what they need to consider in terms of market insight, regulatory and legal criteria, and so much more to adapt to the market where they want to sell the TV. This data-driven approach allows a manufacturer to radically design a product out of the gate that meets all safety and performance requirements prior to ever performing the requisite product testing.

However, data now gives us more insight and clarity than ever before into the supply chains and business operations. Whereas before tracing a supplier to a item, to a product, to a geographic destination and finally to an end user was difficult, the degree of specificity now exists. For example, if one of the suppliers in a supply chain infringed human labor laws or used non-coding products, the client will be able to track which goods the manufacturer supplied to the finished product. The business will rapidly step in to reduce risk, find new suppliers and communicate what steps it will take to resolve the situation to its customers.