Big Data in Footwear ERP: Making Smarter Decisions

By Shefali Gupta October 23, 2024 Services, Software, Technology 0 Comments

The footwear industry is constantly evolving and adopting new approaches and technologies to improve its products in terms of comfort, fit, performance, reliability, durability, and sustainability. Despite the continuous growth, footwear industry brands are constantly leveraging the benefits of big data that helps to predict current market trends, material performance, costs, and fit, allowing them to make informed decisions and gain an edge against their competitors.

The footwear industry is also implementing state-of-the-art technology-driven solutions that turn a library of data into real-time insights like Footwear Enterprise Resource Planning (ERP). Footwear retailers use big data with ERP systems to stand out as competition is fiercer.

The power of big data harnessed with a reliable and powerful footwear ERP system is far-reaching. In today’s blog, we’ll learn how using big data with ERP solutions can help you in better decision-making and help you thrive in the dynamic realm of the footwear industry.

First Things First, What Is Big Data?

In the broadest sense, big data is no less than a gold mine for modern businesses. Yes, you’ve read that right big data refers to extremely large data sets that businesses collect, evaluate, and mine to filter information and relevant insights, such as upcoming market trends, customer shopping behavior, and shopping preferences. This information helps the footwear industry to deliver better products in the market that address their customers’ expectations.

Big data is a complex of semi-structured and structured data that organizations use with technology-driven solutions to store, manage, and analyze with less human effort. Big data offers real-time analysis capabilities helping organizations to refine their advertising, promotion, and marketing techniques.

What Is A Footwear ERP System?

A footwear ERP system is a well-designed manufacturing software, to automate the various segments of core business operations. Modern footwear ERP systems are AI-powered and seamlessly integrate with other departments and functions, such as inventory, finance, human resources, and production- From one single platform.

If you think this is just it then you’ve just seen the tip of an iceberg, the benefits of manufacturing ERP systems are far-reaching.

Crucial Elements of Footwear ERP System

Gone are the days when ERP Systems were limited to data recording and managing interfaces, now they have evolved to a comprehensive workstation allowing businesses to not only record but manage their core business operations at all levels. Here’s a breakdown of core footwear ERP modules that you should know, including-

Seamless Inventory Tracking

A footwear ERP system’s inventory management module helps organizations manage their inventory levels and operations, such as orders, sales, delivery, raw materials, color, size, and matrix. This module facilitates simple stock adjustments and tracks inventory across warehouses and retail locations.

Product Lifecycle Management

The lifecycle of a shoe is crucial and involves several stages, such as design, production, marketing, and post-purchase maintenance. An ERP system offers PLM features, including sample tracking, cost estimation, design management, and quality control.

Supply Chain Management

Supply chain management is the core of a footwear ERP system that manages core supply management features, such as order management, demand forecasting, supplier management, and logistics management. A Footwear ERP software spots bottlenecks and provides relevant insights based on correct information.

CRM

Customer relationship management is all about how an organization interacts with its potential and present customers. Having this CRM feature gives you the power to track marketing results, campaign management, and customer support.

Sales and Distribution

Distribution and sales modules manage key areas, such as managing orders, and generating invoices and returns. It allows organizations to handle sales and discount processes, loyalty schemes, channel marketing, and more.

For example, the Finance ERP software sales module facilitates the creation of quotations, sales orders, and invoices while recording all interactions with cash and credit-paying customers.

Business Intelligence (BI) technology

Business intelligence (BI) offers organizations relevant information, helping them to make better decisions. The ERP system offers a comprehensive suite that incorporates dashboards, reports, data visualization, and predictive analytics.

Use of Big Data in Footwear ERP System

Big data is the heart of the ERP system that helps this technology provide real-time insights by predicting seasonal trends and customer preferences. The data collected from various sources such as sales channels and social media platforms are merged into one unified interface that evaluates and filters accurate data for forecast demand.
Big data provides real-time information on stock levels, enabling footwear organizations to optimize their inventory and minimize holding costs. The inventory level insights help organizations maintain accurate amounts of stock and avoid the risk of overproduction or stock shortage.
The modern-age customer appreciates personalization. With big data footwear businesses can analyze customer shopping behavior and preferences, allowing them to refine their products and marketing strategies to meet customer expectations.

Conclusion

Today, big data for the footwear industry is no less than oxygen- Omnipresent and essential for survival. By leveraging the power of big data integrated with advanced footwear ERP systems, businesses can improve operational productivity and efficiency and streamline every aspect of their work operation without any hassle.

Also, as the demand for personalized customer experience grows, footwear businesses are implementing technology-driven big data analytics tools to address the unique preferences of their customers.