The very basis of competition is shifting. As new capabilities come into the market at an exponential rate, it is essential for retailers to embrace this digital acceleration as it opens up a productivity gap above slower moving competitors.
Gary Hawkins, Founder and CEO of CART, Center for Advancing Retail & Technology, discusses the importance of Inventory Management with Jamie Tenser of VSN Strategies.
There are a myriad of technologies that any grocer can pursue and engage with, but Gary suggests that the house needs to be in order so that those advanced technologies can be most effective.
CGO provides that foundation.
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Data across the retail enterprise is rapidly becoming realtime. We are seeing this as retailers have had to monitor customer traffic in realtime during the pandemic, realtime in-store customer traffic dictating how many checkout lanes need to be opened, and many other use cases.
By tying realtime store-level inventory data to eCommerce systems, retailers can improve the online shopping experience by reducing or eliminating product substitutions. Using realtime inventory data to inform shoppers of product availability when placing orders can eliminate surprises later.
One of the pillars of Retail 4.0 is AI powered process automation. There is no better example of process automation than that provide by demand forecasting that feeds automated ordering and replenishment. AI takes these capabilities to all new levels.
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