Some technological breakthroughs cannot be defined by a specific industry. Their applications are so vast that each day inquisitive minds seem to discover new ways to use them, raising their entire industry with the tide and pushing society even further toward an exciting, limitless future.
Big Data, without a doubt, is among the most important of these breakthroughs.
What’s Old Is Now Revolutionary
While the basic concept of Big Data is far from new (records have been archived since the Dark Ages), recent IoT (Internet of Things) and interconnectivity trends have supercharged data-gathering technologies in nearly every format imaginable. 90 percent of the world’s Big Data, in fact, has been collected within the past two years! Sensors, digital devices, video/audio, networks, log files, transactional applications, web, social media – these are just a few of the places where data can be now be generated in real time and compartmentalized on a scale that is difficult to fathom.
The deeper one dives into just how large the Big Data pool has gotten in such a short time, the more astounding the statistics become. Computer World, for example, cites a Digital University study that says, “During the next eight years, the amount of digital data produced will exceed 40 zettabytes, which is the equivalent of 5,200 GB of data for every man, woman and child on Earth.”
With Potential Comes Opportunity
With such an incredible trove of information available, however, many industries are still struggling to find innovative ways to analyze what their data has to say, and ultimately adapt it into their business model to increase customer engagement, brand loyalty, and product performance. As of today, approximately 80 percent of the Big Data available is unstructured and still requires complex analytical tools to become useful.
Such a discrepancy between the amount of data available and the methods to take advantage of it, however, presents a unique opportunity. If your company can be one of the first to shatter the glass ceiling and capitalize on what Big Data has to offer, it can quickly transform itself from an industry player into an industry heavyweight. After all, in today’s competitive marketplace, there is no substitute for being first.
This is why EDX is proud to offer the first Excess Inventory Solution designed to fully take advantage of the potential of Big Data.
We Use Big Data to Market
At EDX, we believe that when the right team of experts combines its industry knowledge with the latest analytical tools, only then can you comprehensively market excess Inventory to optimize exposure and drive consumer demand. Big Data, and our ability to interpret it, is what makes all this possible.
Our experienced team of Supply Chain Specialists can identify the state of the market for over 25 million unique electrical components with the aid of Partstat – our open-access Big Data warehouse consisting of over 9 billion rows of current and historical data from over 2,000 global suppliers. There are over 20,000 searches per day on Partstat from buyers of all types, each one with a desire to buy inventory from EDX customers. And as an open-access platform, Partstat is indexed by all the major search engines like Google, Bing, and Yahoo. This maximizes exposure to potential buyers that are looking to purchase your specific parts, even if they are not using Partstat.After a thorough data analysis that includes current life cycle status of the component, current global availability, average distributor price, and average factory lead time, we then compile the real-time market information for our customers in a straightforward, easy-to-understand format.
Then it’s time to market. Once the Big Data has been analyzed, the recommendation report compiled, and the inventory inspected and safely stored in our climate-controlled warehouse, we immediately get to work marketing the relevant inventory on dozens of paid industry subscription services. What would once be considered a significant time and monetary investment on the seller’s part is now handled entirely on our end.
No two cases are the same, and Big Data allows us to tailor a marketing strategy for each customer based on the state of the market they wish to reach. For example, if it is a seller’s market, EDX will negotiate with buyers the highest possible sale price. Conversely, if the part’s data indicates a buyer’s market with low demand, we will price the part accordingly to minimize the customer’s net loss. In either case, the result can be a substantial boost to the OEM’s net revenue, which can help spur additional company growth for years to come.
It Pays to Be First
With Big Data at our disposal, the Dark Ages when OEMs sold excess inventory at up to a 95 percent discount are all but over. And if the success of our solution is any indication, manufactures around the world are quickly taking notice.
But there’s still time to be among the first to experience the benefits of incorporating Big Data analytics into your excess inventory management strategy. If you want to be among the first to take advantage of this innovative solution, our supply chain specialists would love to talk to you.
Big Data is here to stay and will play a vital role in our society for decades to come – but the potential of what it can accomplish will only stay unrealized for so long. The time to act is now.