Transforming the retail supply chain
As trends, choices, and competition evolve and change, new limitations and challenges arise contesting what retailers once knew about their business. Retailers are constantly making choices and trying to discover appropriate approaches to these challenges. Finding a holistic perspective towards inventory management and transforming the supply chain through the use of Retail Sciences will help retailers define and solve any problem. Retail Sciences are a collection of analytically based service offerings that address an array of questions and challenges retailers are faced with.
Defining and solving any problem
Some questions retailers are asking that Quantum Retail’s Retail Sciences answer are:
- How should I cluster stores for allocation? For assortment?
- How much product should I purchase by size? How should I distribute by size?
- How many packs should I have? What should the configuration(s) be?
- Is my markdown cadence working? What can I do better?
- How much space should I allocate by category?
- In what categories should I be increasing or decreasing my product range?
- How much of an impact have my promotions had on the promoted items and the items not on promotion?
- What affinities do products share?
- Am I carrying the right amount of inventory?
- How should my weeks of supply vary by location?
Regardless of the questions being answered, every Retail Science service should share three key objectives that will enable retailers to overcome these challenges.
1. Minimal impact on the retailer //
- The goal is to minimize the effort required by the retailer’s business and technical teams.
- Lean data requirements are imposed in which only enough data is requested to perform any particular Retail Science with flexibility in regard to data formats.
- Additionally, once data is in hand, interaction with critical resources on the customer side is kept to a short weekly call – enough only to give status updates on progress as well as ask relevant questions that come up in the course of executing the service
2. Speed to value //
- Retail Sciences are lean and fast – six weeks on the low end and up to three months in extreme cases after data is in hand.
- Answers are provided to the retailer quickly with the cost of the Retail Science more than offset by retailer gains within months of initiating the service.
3. Well-defined delivery and usage //
- Results have two types of deliverables:
1. A presentation/training describing the analysis performed, key findings, and how the results should be used.
2. The data output in an agreed upon format that can be used by the customer in addressing the original business problem.
- Prior to executing the service a conducted discovery as to how the results of the service can be utilized by the business are presented. Post-execution, results will be revisited to ensure that maximum value is obtained.
Retail Science Solutions
Quantum Retail offers retailers comprehensive Retail Science solutions for supply chain management. The Retail Sciences are an integrated suite of solutions engineered to work together to optimize every aspect of a retailer’s business. Deliver insight, drive performance and fuel growth across the following categories: