Walmart Retail Industry Big Data Analytic.
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Date.
Introduction.
In recent years the term big data has gained a lot of popularity, particularly in business arenas. The term data may be described in simple terms as the quantities, traits, or symbols on which computer operations are based on (Darvazeh, 2020). Data may be stored or transmitted in the form of electrical signals and perhaps recorded on optical, mechanical, or magnetic recording media. In simple words, big data is defined as a collection of data that is huge in volume and which keeps growing exponentially over a given period. Big data is said to be so enormous in the sense that it seems so complex, and this aspect makes it hard for any existing traditional data management methods and tools to be able to process it nor store it. Examples of big data network stock exchange, social media, among others. There exist different types of big data, which may be structured big data, semi-structured big data, and big unstructured data.
In many industries, big data has been of great help as it provides more insights into business and economic productivity. Among the companies that have benefited from big data, technology is Walmart. It is good to understand that Walmart was started late in 1962 by its first Pioneers Samuel Moore Walton and the core founder Sam’s Club. As corporate, Walmart is widely known for its business that entails selling basic at rock bottom prices. It primarily engages in retail and wholesale and as well provides an assortment of merchandise alongside other services at its clients every day and at low prices. It often operates under various segments, including Walmart international, Walmart U.S, and Sam’s Club (LASCALA, 2019). The main business objectives for Walmart company are to offer safe, affordable food and other products across the world. It does its business in a manner that promotes economic development and enhances economic opportunity, social and environmental sustainability that creates value for its business and the society at large.
Walmart uses big data analytic concepts in a variety of ways. It must be understood that it deploys big data as the primary part of its entire business strategy to enhance it’s business and general productivity. The company analyses bid data in different ways so as to discover critical areas where to leverage big data in promoting, enhancing, and optimizing the customers’ shopping experience. Generally, it can be aiding the Walmart company has effectively applied the concepts of big data analytics to find ways of improving product quality standards for its business. This is one way the company is looking forward to neutralizing its competitor’s effects by offering different and unique high-quality services and products. However, it has missed out on some of the opportunities that could drastically improve its business. One this opportunity is lack of proper mechanisms to strengthen its human resources practices and inability to establish highly competitive ability in the world market (Walmart Staff, 2017).
Discuss the gaps that you will need to bridge.
To bridge among the gaps that I will need to bridge in the scenario include helping the corporate understand the importance of being open-minded to new ideas that may challenge its current practices by so doing, it will be, the company will be able to accept the dynamics of business and perhaps incorporate new ways of mitigating risks and uncertainties associated with a business (Walmart Staff, 2017). Secondly, I will also need to ensure that Walmart as a company is able to view data as its main business asset. In today’s world, data has become among the critical and most sensitive parts of the business, and without data, a business can operate whatsoever. Another gap that needs to be bridged is the lack of proper focus of the company to be one of the data-drive organizations in the world. Business insights are provided via data analytic process, and this means that Walmart has to invest much in analytical concepts so as to be able to provide guidance to it ensure business strategy and as well make it willing to let analytic skills and technology change the way it does its business (Fournier, 2020).
Will you need help from vendors to do this work?
Worth knowing is that for effective utilization of analytic skills and technology at many times, it will be advisable if vendors of some of the analytical tools, techniques, and software take charge of the process but as well provide training the existing staff in how the entire process ought to be conducted (Fournier, 2020). Additionally, involvement of vendors in the projects will be vital as this will not only accelerate the project towards the realization of business objectives, but also it will help improve the quality of projects and other services rendered, increase the operations and financial efficiencies, help focus on the core business goals, reduce the cost of the project and well accelerate service delivery for the business.
Is it necessary to secure the services of other subject matter experts (SMEs)?
Perhaps in this project will be essentially good and even wise to involve other subject matter experts (SMEs). The essence of having the subject matter experts in the projects will help to facilitate the entire project by ensuring that the facts and details about the project are correct with respect to the project deliverable(s) meeting the needs of the legislation, stakeholders, standards, policies and even best practices. Imperatively to note is that during project initiation and development, one of the primary factors that need to be considered is the cost of the entire process; having that in mind, it will be cost-effective to consider including the subject matter experts as they will help lower the project cost since they have adequate knowledge and technical understanding of the topic in question (Fournier, 2020). SMEs know how to best address issues regarding project management and even how to serve the best demographic needs, which will bring many advantages to the entire project and the business entity at large.
What type of project management approach will you use this initiative? Agile? Waterfall? Hybrid? Please provide a justification for the selected approach and argue its suitability to a Big data implementation.
There exist several approaches that can be used in project management. Based on the needs of this project, I will consider using agile project management in this initiative. It is imperative to note that agile project management is an iterative approach to planning, development, and guiding project processes that splits the entire project into smaller cycles known as sprints for easy project management and delivery. The main reason why I may choose the agile project management approached as opposed to others is because the approach is best suited for an uncertain environment. In such a case, the approach tends to offer a high level of flexibility and adaptability, which helps define the project requirements and offers solutions so that the project may smoothly progress (Fournier, 2020).
Secondly, the agile project management approach is important because it often emphasizes creativity and innovation that ensure the maximization of the solution’s business value. Perhaps the agile approach focuses on planning and control, which provides a high level of excellence in the project’s end product (WILLIS, 2020). Also, the agile project will be the most applicable method since it lowers the cost of the project by increasing the productivity of project team members, reducing the overhead that is associated with unnecessary documentation and project control requirement as well reducing feature bloat via the incremental development effort.
Conclusion.
With advanced technologies, business companies have been able to reduce the cost of production and as well improve their profit margins using available technologies such as big data analytics. Walmart is one of the business entities that has deployed big data analytics and other services to improve the accuracy of its business diagnostic and the effectiveness of its straggles in various aspects such as marketing, finance, accounting, and customer service.
References
Darvazeh, S. S. (2020, March 25). Big data analytics and its applications in supply chain management. Retrieved from https://www.intechopen.com/books/new-trends-in-the-use-of-artificial-intelligence-for-the-industry-4-0/big-data-analytics-and-its-applications-in-supply-chain-management
Fournier, J. (2020). 7 reasons why your business should focus on vendor management. Retrieved from https://www.hcmworks.com/blog/7-reasons-why-your-business-should-focus-on-vendor-management
LASCALA, M. (2019, June 24). Here are 15 facts even die-hard Walmart fans didn’t know about the company. Retrieved from https://www.goodhousekeeping.com/life/money/g28168221/walmart-facts/
Walmart Staff. (2017, August 7). Five ways Walmart uses big data to help customers. Retrieved from https://corporate.walmart.com/newsroom/innovation/20170807/5-ways-walmart-uses-big-data-to-help-customers
WILLIS, B. (2020, February 8). What are the advantages and disadvantages of Agile and Scrum? Retrieved from https://managedagile.com/what-are-the-advantages-and-disadvantages-of-agile-scrum/
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