When we refer to fashion, the first thing that may hit your mind is; the T-stage with a lot of cameras, fashion editors and those tall models who could not be any skinnier. While people focus on the exaggerated accessories and colorful weird clothes; there is the hidden potential of how business intelligence (BI) solutions will affect fashion industry dramatically.
How can Business Intelligence solutions benefit Fashion Industry?
So you may be wondering: how can Business Intelligence solutions benefit fashion industry? Seems hard to connect those two things together conceptually; however, there are already pioneers in this field have been using BI tools and solutions to bring unexpected profits. So let’s take a look at some concrete examples of how the fashion industry and fashion designers can use Business Intelligence tools to grow productively.
Using the right BI tool such as OLATION and PowerOLAP to manage a manufacturer, designer and distribution sales channels can revolutionize traditional ready-to-wear fashion company’s complicated and inefficient systems into a streamlined process. An intuitive Business Intelligence system can accurately estimate the suppliers and manufacturers capacity dynamically. With the predictive analysis and forecasting features Business Intelligence solutions like OLATION, retailers and designers in the fashion industry can know ahead of time when there isn’t enough capacity for manufactures to carry certain collections. This gives them the opportunity to stop the production of some of the styles and only focus on the core collections—therefore FIXING A PROBLEM BEFORE IT HAPPENS.
With multinational fashion retailers, syncing a database system with a BI tool could estimate the inventories in each store all over the world accurately. So when new collections are ready to ship, they will directly ship to each store rather than the inventory center meaning—less inventory, less cost, which helps fashion retailers to operate in fast, agile manner in such an unpredictable field.
While Business Intelligence solutions improve distribution for manufactures and retail stores, BI is able to improve fashion companies from all aspects. We all know that there are gaps between the fashion-show dresses and the actual daily wearing dresses. Those incredibly fancy dresses that you could hardly wear on a daily basis are costly to keep after fashion shows. To solve this problem some fashion retailers keep the data on every dress stored in Microsoft SQL server database. After every fashion show, having a Business Intelligence tool that dynamically connects with SQL will automatically match potential buyers (museums, celebrities etc.) with the estimated price of each dresses and push promotion information to those target customers. With a BI tool, fashion retailers are able to generate about 20% of the sales revenue from fashion show dresses!
A BI tool can also help the fashion industry to estimate the market demands accurately, so they can design and produce the “hottest” style for each season. Also Business Intelligence tools can help in analyzing consumer behaviors, through past and present purchases so they could make optimized marketing and pricing strategies.
There are unexpected countless ties between how the fashion industry can utilize Business Intelligence solutions. As fashion companies are discovering more and more convenient ways to design the most trending and colorful clothes; without the right BI tool, your favorite red lace evening dress and your most fancy diamond clutch could take extra intolerable hours from the factories to your closet!!!
Blog contributed by
-Mengyao Xiong, Channel Marketing Coordinator, PARIS Technologies