Recent supply shortages and fluctuating demands have made the retail industry increasingly complex and subject to more competition. Given this, and the fact that we’re in a high-tech age, it’d be natural to assume that most retailers manage these intricacies and challenges with the help of cutting-edge software solutions. But, this isn’t the case. The truth is that the majority of retailers are still relying on outdated, disconnected spreadsheets to make billion dollar inventory and merchandise planning decisions. Shocking, isn’t it? Here’s why this needs to change - and fast.
The Opposite of Optimization
Traditional merchandise planning uses spreadsheets, information from enterprise resource planning (ERP) tools, commerce systems and data warehouses, all pumped into different versions of different spreadsheets. Because of all the tabs, this not only makes versioning, scenario playing and staying up-to-date a challenge, but it also wastes time. If that wasn’t bad enough, it further contributes to a lack of visibility and collaboration, as well as inaccurate forecasting. The ultimate result is a retailer’s nightmare: overstocks and out-of-stocks.
The Solution is Software
Thanks to technological advancements in the retail space, this gap in next gen commerce tech stacks is finally being addressed. Retailers are now able to take advantage of cloud-based platforms, like Toolio, to help drive faster, more accurate, data-driven decisions about one of the most important assets they have - inventory.
Real-Time, Informed Decisions
Automation and integrations in a retailer’s tech stack mean they can experience connected planning and real-time reporting rather than disconnected, stale data. This leads to faster, more informed merchandising decisions. In addition, cloud-based merchandising platforms grant access to different sets of modules, helping manage end-to-end planning life cycles. With these tools at their fingertips, retailers can have more time freed up for strategic decision making. They’ll also be able to boost collaboration and transparency across their business, strengthen forecast accuracy and, ultimately, improve margins and inventory turns.
Modernize & Maximize Your Planning
No matter what processes are in place, retailers can’t avoid the commerce cycle. They must plan, produce or procure, take part in the supply chain, commerce and then analyze data to continuously ensure the right inventory is at the right place at the right time. And while retailers have upgraded their solutions for almost every phase of the cycle, the planning stage has stayed in manual spreadsheets for far too long. By investing in a cloud based platform designed to help drive agile merchandising decisions which pulls together all the most up-to-date data, retailers are powering their retail planning like never before.
Are you ready to bid adieu to wasted time, poor visibility and the headaches that come with spreadsheet-based planning? It’s time to experience a much better way - for you, your organization and your end consumer, too. Check out all that Toolio has to offer today.