Radical change in the retail industry is occurring at a rapid pace. Changes in technologies, in business models, and in standards and with the ever-evolving customers require constant adaptation.
Retail companies must be able to respond to rapidly changing conditions and offer targeted customer engagement at scale. How does a digital core with a true single source of truth help?
Stability and flexibility
A digital core is an IT architecture that offers stability and long-term reliability for core enterprise processes, yet also provides the flexibility to adapt quickly to new opportunities, challenges, and regulations. This solid foundation gives you a single source of truth with tailored real-time views delivering customer and business insights and enables flexibility for innovation to accommodate new business models, new regulations, and business events, such as mergers or acquisitions.
Selling Drives Business
Right product, right time, and right price.
Midsize retailers are focused on growth, but always with an eye on profitability. Although midsize retail firms may lack the resources of their larger competitors, they enjoy the advantage of being closer to the customers, and of being more flexible in strategy execution and pricing. But many retailers worry that these attributes may erode as their businesses expand.
Innovative retailers leverage new technologies to support their digital transformation strategies and respond effectively to both encroaching competitors and new demands of the digitally empowered customer. Improved processing power is making machine learning applicable in more and more retail areas, enabling further optimization and automation of business processes as well as more impactful, personalized, and contextual consumer experiences.
Excellence in fulfilment will help you compete
There are only many major retailers, such as Wal-Mart, Carrefour, Home Depot, and Lotte Mart. The rest of the retail landscape is made up of thousands of smaller companies competing in niche markets that are focused by product or geography.
The big names have distinct advantages in distribution, and marketing, but smaller companies can also compete against these large retailers by selling unique merchandise, or providing exceptional customer service.
The ability to respond quickly is an essential part of managing a retail company. To do this, simulation, prediction, and analytical capabilities are important components. Data is critical for gaining the insight to make decisions. This insight must be at a granular level, so that decision-makers have the detail they need to understand trends, opportunities, and risks and quickly carry out what-if analysis using predictive algorithms.
Integrated and connected to the outside world
To take advantage of new opportunities and better meet individual needs, retailers must address end-to-end (E2E) processes across departments and lines of business to deliver on new customer experiences, products, and services. The Internet of Things (IoT) lets them connect to the outside world, driving unprecedented efficiency and optimization as well as new levels of customer connectivity and new retail business models.
Enhance and Extend Next-Generation Processes with Intelligent ERP
Bringing SAP Business One Intelligent Platform as a digital core results in a more flexible and intelligent ERP. To achieve next-generation business processes, retailers need an intelligent ERP solution that can be continuously enhanced and extended with innovative business services and applications built on emerging technologies, including machine learning, block chain, and IoT. Intelligent ERP is immediate– empowering business users with insights to act in the moment; it is intelligent–going beyond automation to predictive suggestion; and it is integrated–not only between your departments, but for consumers and suppliers alike.
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