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Big data is a new frontier in innovation, characterized by vast data sets that require extensive computer processing to spot trends, and improve productivity. The ability to gather such data sets and effectively translate them in to strategy is seen as a new way of competing and innovating (Manyika et al., 2011). My area of interest is fashion, an area where creativity remains more important than data processing. Yet, big data is having an impact on the mainstream fringes of the fashion business.
For example, mainstream retailers are seeking to acquire more data points from their customers about a variety of different variables, and use those data points to more accurately meet the market's needs. Each season, millions of dollars' worth of merchandise goes unsold, to be sent to discounters at a fraction of the expected cost. This creates waste in the economic system of both the producers and retailers. Hence, many companies have begun to turn to big data in order to reduce this waste.
Social networks are one of the most important gathering points for the data used in the...
Whereas the old cycle would begin with a runway show seen by relatively few, with clothes that would be developed into ready-to-wear, by adding feedback from consumers, fashion companies have much more feedback to work with. This can help them to shape their designs for the coming season, and alter production plans accordingly. The result is that production is better aligned with the demands of the marketplace (Trites, 2013).
Other startup companies are seeking to gain a niche in the fashion world by using big data in order to develop clothing such as bras that have a better fit than conventional bras. Again, the competitive advantage derives from having more feedback data points that would normally be used in something like bra development. But by learning more about the needs of women, the designer is capable of developing bras that fit more women better than the current designers in the market…
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
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