3 crucial capabilities for controlling retail profit
Intelligent planning: regain control, maximize your efficiency Consumers are already adopting recession-based shopping habits, making…
The retail industry is evolving rapidly and constantly, and its challenges are becoming more complex. Leveraging data more effectively is essential for retailers to regain control of their profitability and build resilience. Sue McMahon, Director of Worldwide Retail and Consumer Goods Partner Strategy at Microsoft, notes that the retail sector creates four petabytes of data every hour. Leveraging it accurately and efficiently is vital for retailers.
Being able to plan faster and with more agility is no longer a good idea; it’s a complete necessity. Let’s explore how Intelligent Planning can help retailers reset profitability by building resilience. This article looks at the current retail landscape to identify the key challenges and how retailers can best overcome them in their planning activities.
Retail planners face several challenges today, including:
Accurately predicting the impact of market-wide and global events has become more challenging. Changes in consumer behavior, supply chain issues, and online versus traditional stores are just some of the factors contributing to retail planning challenges. Additionally, competition in the retail industry is continually evolving, causing market shares to shift quickly and substantially.
Intelligent Planning is the orchestration hub of daily retail decisions, and building planning muscle is a great way to drive resilient retailing. It provides a more accurate and complete picture of the retail landscape, helping retailers predict and respond to changes in the market and manage their supply chain and inventory more effectively. Using Intelligent Planning, retailers can weather volatility, unpredictability, complexity, and competition.
The core concepts of Intelligent Planning are:
Retailers can use these concepts to enhance their planning approaches and build resilience. By understanding what is driving their business forward and planning for what is coming next, retailers can make more informed decisions about resource allocation, product pricing, and inventory allocation. Maximizing the contribution of every stakeholder in the business, from leaders and staff to the consumer, can lead to optimal business performance. Finally, putting planning at the spearhead of transformative efforts across the entire organization can ensure that it remains in step with the rest of the transformation project.
By understanding key challenges, implementing core concepts, and leveraging data effectively, retailers can drive forward and manage their businesses more effectively. Benefits for retailers adopting an Intelligent Planning approach include:
As the retail industry continues to evolve, Intelligent Planning will become an essential tool for retailers to stay competitive and thrive in times of uncertainty.
If you’re interested in learning more about how Intelligent Planning can help drive resilience in the retail industry, we highly recommend checking out our on-demand webinar “Resilient Retail: How Can Intelligent Planning Drive Resilience.”
This webinar, with Sue McMahon from Microsoft, explores the topic of this blog in greater detail so you can learn how retailers can best overcome the industry’s key challenges and build greater resilience by leveraging the power of Intelligent Planning.
So, if you want to stay ahead of the game and build a more resilient retail business, watch the on-demand webinar today!
On-demand webinar with Microsoft