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Big Data

BIG DATA Couture_

Interactive Guide ___

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Unveiling the Fashion and Retail Revolution with Big Data Insights

Agenda

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Definition

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Challenges & Solutions

In Industry

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Final Quiz

Case Study

Overview

Definition

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Big data refers to large and complex sets of information that traditional data processing methods struggle to handle. It involves the collection, analysis, and interpretation of massive volumes of structured and unstructured data from various sources.

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big data 01

Overview

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Big data has revolutionised operations in diverse industries, providing organisations with a competitive edge, improved operational efficiency, and enhanced decision-making capabilities. Click for more information on its impact.

Big DATA 02

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Overview

impact across industries

Operational Efficiency

Supply Chain Optimisation

Predictive Analysis

Fraud Detection

Product Development & Innovation

CustomerInsights

Risk Management

Employee Performance & Engagement

Decision-Making

In Industry

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Big data empowers fashion and retail companies to make informed decisions, enhance operational efficiency, and deliver a more personalised and seamless experience to customers. The utilisation of big data analytics is increasingly becoming a strategic necessity for staying competitive and thriving in the rapidly evolving fashion and retail landscape.

impact in fashion & retail

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In Industry | Details

Impact in fashion & retail

Inventory Optimisation

Supply Chain Management

Trend Forecasting

Enhanced Customer Experience

Fraud Detection and Security

Competitive Advantage

Customer Insights & Personalisation

Challenges & Solutions

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In this section, you will learn more about the common challenges that organisations might face when implementing big data solutions.

big data challenges: Smart solutions

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challenges

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solutions

Case Study

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Zara's Big Data Success

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Zara's data-driven fast-fashion: RFID, customer data, rapid adaptation, competitive edge.

Watch this short video. Once done, click 'Info'.

Case Study Explained

Zara's Big Data Success

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Zara's success hinges on a rapid fast-fashion model driven by RFID-tagged clothing and comprehensive customer data sources, processed in a centralized data center. This data-driven approach enables Zara to swiftly introduce new designs, adapt to customer preferences, and maintain a competitive edge in the fashion industry.

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Final Quiz

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Big Data Basics Quiz: Unlocking Fundamentals

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Big data provides organisations with in-depth insights and facilitates data-driven decision-making. It helps leaders and managers make informed decisions based on accurate and real-time information, leading to better outcomes and improved organisational performance.

Decision Making

Big data analytics helps organisations optimise their operational efficiency by analysing vast amounts of data in real-time. It allows identifying bottlenecks, process inefficiencies, or supply chain issues, enabling organisations to streamline operations, reduce costs, and improve productivity.

Operational Efficiency

Big data enables organisations to leverage predictive analytics to make accurate forecasts about customer behaviour, market trends, or business outcomes. This information helps businesses make informed strategic decisions, optimise resource allocation, and minimise risk.

Predictive Analysis

Organisations utilise big data to gain deep insights into customer behaviour, preferences, and trends. Analysing large volumes of customer data enables companies to personalise their marketing strategies, design targeted advertising campaigns, and improve customer experience.

Customer Insights

Analysing social media trends, fashion blogs, and other online platforms allows companies to stay ahead of fashion trends. Big data analytics helps in predicting consumer preferences, enabling fashion brands to design and produce items that align with market demands.

Trend Forecasting

Big data analytics play a crucial role in identifying and preventing fraudulent activities, such as credit card fraud and unauthorised access. This is vital for maintaining the security and trust of both customers and the company.

Fraud Detection and Security

The video, from the YouTube channel 'DevExplain', provides an explanation of Big Data as an enormous amount of information generated from sources like social media and mobile devices, too vast for traditional processing methods.

Robust data governance

Implementing strong data governance policies with clear ownership, defined processes, and regular audits mitigates security risks and ensures data integrity.

data quality management

Maintaining high data quality involves investing in tools and processes, including data cleansing, validation, and master data management.

CLOUD-BASED SOLUTIONS

Introducing cloud computing as a cost-effective solution for big data management, exploring scalability and flexibility compared to on-premises alternatives.

CHANGE MANAGEMENT STRATEGIES

Effective change management involves communication, training programs, and fostering a data-driven culture to overcome resistance and ensure successful implementation.

Cross-functional collaboration and developing data-related skills are essential; organizations fostering a collaborative environment and investing in training programs equip employees to leverage big data effectively.

COLLABORATION & SKILLS DEVELOPMENT

Continuous Monitoring and OptimiSation

Stressing continuous monitoring of big data processes and performance, regular evaluations, adjustments, and optimization are imperative to maintain alignment with organizational goals.

Companies can use big data to identify fraudulent activities by analysing vast amounts of data and detecting abnormal patterns or anomalies. This helps organisations in various sectors, such as finance, insurance, or e-commerce, to prevent fraud, protect their customers, and increase trust.

Fraud Detection

Security Concerns

Managing large volumes of sensitive data necessitates addressing security risks through encryption, access controls, and privacy compliance.

Ensuring accuracy in diverse data and integrating various sources pose challenges, impacting decision-making when data quality is compromised.

Quality & Integration

Investing in infrastructure, tools, and skilled personnel for big data implementation entails financial challenges, requiring clear ROI strategies and overcoming potential budget constraints.

Cost of Implementation

Resistance to Change

Cultural and organisational challenges hinder the successful adoption of new technologies and data-driven approaches, emphasising the impact of resistance to change.

Big data analysis allows organisations to gather insights on consumer needs and preferences. This helps in developing new products and services tailored to market demands, driving innovation, and gaining a competitive edge.

Product Development & Innovation

Big data analytics can be used to analyse employee data, such as performance metrics, engagement surveys, or workforce demographics. This helps organisations in talent management, identifying areas for employee development, and optimising workforce planning.

Employee Performance & Engagement

Fashion and retail companies that effectively harness big data gain a competitive edge. The ability to make data-driven decisions, quickly adapts to market changes, and meets customer expectations positioning these companies for sustained success in the dynamic industry.

Competitive Advantage

Big Data in Fashion | Exploration

Objective: Analyse and compare articles on Big Data in fashion, or explore a self-selected case study.

Instructions:

1. Article Selection: Read either Article A or Article B (find the links in the Canvas Discussion Spot). Alternatively, find your own case study on Big Data in fashion (if you decide to find your own case study, please ensure you include a URL).

2. Reflection: Prepare a brief report with your findings.

3. Canvas Group Discussion: Go to Canvas Group Discussion by click the link below. More guidance is provided in the Canvas discussion spot.

3. Canvas Group Link:

Canvas Discussion Spot

By analysing historical and real-time sales data, companies can optimise inventory management. This includes predicting demand, preventing stockouts, and minimising overstock situations, leading to improved efficiency and reduced costs.

Inventory Optimisation

Big data analytics enables organisations to optimise their supply chain management by analysing the vast amount of data across the supply chain network. This helps in improving inventory management, reducing lead time, optimising logistics, and minimising costs.

Supply Chain Optimisation

Through data analytics, companies can understand customer feedback, sentiment, and engagement across various touchpoints. This information aids in refining marketing strategies, improving customer service, and ensuring a seamless shopping experience.

Enhanced Customer Experience

Big data allows fashion and retail companies to analyse customer behaviour, preferences, and purchase history. This insight enables personalised marketing strategies, tailored recommendations, and a more personalised shopping experience.

Customer Insights and Personalisation

Organisations utilise big data to assess and mitigate risks. By analysing large volumes of data from various sources, organisations can identify potential risks, assess their impact, and develop strategies to manage and mitigate them effectively.

Risk Management

Big data facilitates better supply chain visibility by tracking the movement of products from manufacturing to distribution to retail. This helps minimise delays, improve logistics, and enhance overall supply chain efficiency.

Supply Chain Management