Challenge Tuesday: Managing Multi-Channel Strategic Information
Today I’d like to share with you some of the challenges and solutions for managing multi-channel strategic information, highlighted in an article written by Mikael Lyngsø.
Challenges: Ensuring the right product is available at the right place and at the right time across multiple channels. In order to sustain a competitive advantage, retailers need to do manage information faster and more accurately than their competitors. Often when retailers are selling on more than one store, product, customer, and supplier information is spread out among multiple applications, spread sheets, and account managers, which easily allows inaccurate or incomplete information to go unnoticed.
Solutions: In order to manage an increased volume of data from customers, suppliers, and products, retailers are beginning to see the benefits of managing day-to-day operations in real-time from one connected system. Lyngsø says “the ability to leverage operational knowledge as a performance success tool is key to increasing business profitability, mitigating risks, enhancing agility and enabling better decision making.” By consolidating data into one platform, automatic issue detection can reduce data oversights, relieving managers from sifting through overwhelming amounts of data for errors.
Lyngsø also recommends retailers take a more comprehensive and integrated approach to managing operational information, which involves an organized philosophy across all business units. The seamless flow of information through both internal and external channels will in turn help retailers speed up time to market, reduce product returns, optimize inventory levels, streamline the on-boarding process, and improve up-sell and cross-sell conversions.
For a more in depth explanation of these value added initiatives, check out Lyngso’s full article.