Why is Business Intelligence so important for the Textile & Apparel Industry?
Technology has redefined every business model in the world. The textile industry has shifted from the brick and mortar traditional retail to online platforms, boosting e-commerce with help from intelligence tools. It doesn’t matter what size of business you are dealing with, technology is always a blessing. The ubiquitous status of tech makes it an invaluable resource for modern business.
The adoption and implementation of Business Intelligence (BI) systems aim to achieve the true effectiveness of all that are involved in the business. Business Intelligence ultimately helps to integrate strategic, management, and operational efficiency. The textile and apparel industry has massive potential but is a very risky market with far-reaching ends involved in the trading. It is only with data-driven tools that the peak of potential can be reached.
Here’s What Business Intelligence Can Do for Textile & Apparel Industry
Knowledge empowers you. Business Intelligence helps you get unbiased market insight, brings you data-based information, researches, and analytics. An in-depth report of various market operations, product circulation, and performances can be indispensable for your business strategies. BI also provides you with the historical, current, and forecast prices for your products and raw materials.
Business Intelligence furnishes you with authorized trade data around the world. This data helps you build strategic export-import decisions. Trade is important because the textile industry needs to analyze things based on two important parameters – Product and Geography. As already mentioned, trading in the textile and apparel industry involves far ends of the world, you need to verify and compare data from a global perspective before taking export-import decisions.
Knowledge about competitors is a powerful tool for your business. The textile and apparel industry is highly competitive, to say the least. The competition is getting an edge every day with globalization. So as a businessman, you need to empower yourself with the knowledge of what your competitors are doing, what they are selling, and at what price. Compare and analyze the data and you can learn new insights.
Business Intelligence will bring you data about the performances of the brands and retailers from across the world. You can analyze the performances of all these companies in the global market based on this report. A company can also track its financial performances by analyzing its operating income, net profit or loss, operating profit or loss, and several other factors.
Understand the Historical Data
Analyzing and understanding the historical data will make you see what went right and what didn’t in the past. This can prevent any repetition of mistakes you can implement or improve upon an already successful strategy. You can set objectives, make planning decisions, prepare the management pool and build corrective action plans based on this data.
Optimize your volume
The textile and apparel industry often suffers from reduced profitability due to miscalculated production. BI tools help you to foresee the demand-supply ratio that will help you optimize your production. This is to say you will be saved from the complication of producing too much or producing too little.