Usage of predictive analytics for retail sector and an application example

Retailers today have many data storing technologies, drowning in data. Nearly all big retail organizations store have huge volumes of data, with expensive data storing technologies. Huge volumes of data are being stored everyday, including transactional data, customers data, promotions data, stock data and etc. But since they can not manage to transform this data into knowledge, they are lacking in insight. Organizations do not have enough knowledge to sort through data and use it to make smart decisions. As a results most of the organizations are struggling with supply chain problems, including stockouts, overstock, and discounting.Aim of the study is to prove that predictive analytics helps organizations to generate accurate individual actions and increase organizations effectiveness significantly in various dimensions including marketing, sales, supply chain management, etc.