Nowadays retailers operate in a completely different business landscape. Global competition and more informed buyers have arised new challenges. Keeping the in-store operations flawlessly running can guarantee customers getting the best experience. To make this happen, companies need to have the right items in store, ensure their prices are competitive and manage relevant & timely promotional activities. Besides, Keeping the right amount of inventory is crucial - empty shelves are deadly but overstocking items can cost business a lot. In order to continue exceptional performance, it's necessary to see the "big picture" - watching trends and customer buyer habits closely is the key to strengthening competitive advantage.
The core challenge for production industry is to keep the quality at the desired level while cutting down the costs. Companies competing in this industry require a proper supply chain and inventory management to handle smooth operation flow. They need to closely monitor their entire business processes from raw materials to final product. Meanwhile, staying agile and managing rapid response to customer demands and evolving markets are very important to obtain competetive advantage. Companies operating in this industry are beginning to see the value in advanced analytics to solve industry pain points in areas such as pricing, inventory optimization and resource planning.
The wholesale distribution industry is one of the most complex industries driven by the high number of SKUs, customers, suppliers and transactions. Distributors need flexibility to scale their operations to match demand. It's extremely important to have an access to real time inventory data in order to drive proactive sales operations, make good purchasing decisions and minimize inventory costs. Quickly identifying redundant and slow moving inventory is also a crucial element for successful performance. As the industry evolves, operating with a fragmented software becomes more dangerous as the competitors might be already adapting to new technologies and getting a head start in the competition.