Essay: Big Data Is a New

Pages: 2 (708 words)  ·  Bibliography Sources: 1+  ·  Level: College Senior  ·  Topic: Business  ·  Buy This Paper

SAMPLE EXCERPT:

[. . .] Only in the past couple of years has this drive to use big data as a source of competitive advantage existed in fashion, but its impacts are already being felt, as large firms like Burberry and Oscar de le Renta are using big data to enhance their offerings (Trites, 2013). The more companies seek to utilize data in design, the more they will be attractive to consumers, by meeting their design needs. In addition, the use of data to improve the production function is something that will help all designers eliminate waste. By making fashion companies more profitable, there will be more money available to invest in more data, creating a cycle of competitive advantage. Furthermore, by gathering immediate feedback on runway exhibits -- or taking exhibits off the runway altogether and going straight to social media, fashion companies put themselves in a position of being seen as more fashion forward than their competitors, because they have fewer poor performing items.

It remains to be seen whether the top design houses will utilize big data to improve their businesses, but certainly at this point there is room on the margins of the industry for new players to enter using this innovation, in particular as a means of differentiating their product offerings. In addition, retailers will probably drive the use of big data in the fashion world because of their greater orientation to finance. The fashion industry is going to experience a shift in the coming years towards increasing use of big data and it will be interesting to see how the change affects the industry.

References

Deamicis, C. (2013). Lingerie and algorithms: Big data comes to fashion. Pando Daily. Retrieved November 9, 2013 from http://pandodaily.com/2013/10/23/lingerie-and-algorithms-big-data-comes-to-fashion/

Manyika, J., Chui, M., Brown, B., Bughin, J., Dobbs, R., Roxburgh, C. & Byers, A. (2011). Big data: the next frontier for innovation, competition, and productivity. McKinsey Global Institute. Retrieved November 9, 2013 from http://www.mckinsey.com/insights/business_technology/big_data_the_next_frontier_for_innovation

Trites, D. (2013). Big data: The next big trend in fashion. SAP Business Innovation. Retrieved November 9, 2013 from http://blogs.sap.com/innovation/industries/big-data-next-big-trend-fashion-0661043 [END OF PREVIEW]

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