The firm advises that retail organizations emphasize cloud-centric planning systems integrated with AI features and autonomous analytics execution tools to enhance their competitive edge.
TORONTO, Aug. 18, 2023 /PRNewswire/ – The global supply chain is continually impacted by factors such as natural disasters, shifts in the labor market, regulatory changes, and geopolitical events. These challenges underscore the need for a fresh approach, especially in the fiercely competitive retail sector. As technology-driven consumers raise their expectations, organizations must keep pace by understanding preferences and adapting both their operations and customer service approaches. Recognizing this shift, Info-Tech Research Group has released a comprehensive blueprint named Building the Demand-Driven Supply Chain Network in Retail. This research provides organizations with a strategic roadmap to become more demand driven, cost effective, and competitive.
Info-Tech Research Group’s blueprint titled “Building the Demand-Driven Supply Chain Network in Retail” details four key strategies for enhancing visibility and expediting market entry in the retail sector by aligning supply chain fulfillment with demand. (CNW Group/Info-Tech Research Group)
According to the firm’s research, inefficient forecasting in the retail industry can have significant consequences, such as poor customer service and inventory shortages due to unexpected customer order adjustments. Additionally, limited integration with existing systems can lead to duplicated order entries and a lack of coordination. To overcome these challenges, Info-Tech’s new resource advises that retail organizations transition to flexible and responsive omnichannel setups.
“To meet the demands of empowered tech-savvy buyers and drive supply chain networks, retail organizations must adopt omnichannel demand-driven fulfillment strategies. These strategies require understanding buyer preferences and aligning operating models and customer service levels accordingly,” says Rahul Jaiswal, principal research director at Info-Tech Research Group. “By focusing on customer demand and leveraging customer intelligence, retail organizations can shape merchandising strategies, improve brand loyalty, and drive profitability. These insights can also inform the design and launch of innovative products and services that align with market demands.”
Info-Tech’s blueprint emphasizes the importance of identifying opportunities across the network to optimize the supply chain and provide excellent customer service while monetizing key customer insights. To achieve these goals and enhance visibility and speed to market, the firm suggests that organizations consider the following four crucial demand-driven supply chain fulfillment strategies:
- Understand and respond to demand signs in real time: By understanding demand insights, organizations can measure the time it takes to sense and execute omnichannel fulfillment.
- Deliver an omnichannel central supply chain: Developing separate department applications within the same technology enables an easier exchange of information. In addition, using the same applications empowers demand-driven fulfillment by combining omnichannel sales, plans, and forecasts.
- Fulfill omnichannel demand: By realizing opportunities across the network, organizations can capitalize on the streamlined supply chain and deliver customer service excellence to monetize key customer insights.
- Build value networks to support product and service information: Well-organized value networks lead to an aggressive reduction in inventory carrying costs and provide better visibility.
The firm’s findings explain that most demand-driven networks in the digital era still rely on outdated industry business reference architectures. To stay competitive, retail organizations must prioritize agile, cloud-based planning platforms with AI capabilities and self-directed analytics execution capability tools. Info-Tech advises that by combining real-time scenarios, monitoring business activity, and ensuring data security, these tools can enhance demand-driven supply chains with increased visibility, reduced costs, and improved overall competitiveness.
To gain more insights on how the retail sector can become a more demand-driven, cost-effective, and competitive network, download the complete Building the Demand-Driven Supply Chain Network in Retail blueprint.
For media inquiries on the topic or to get exclusive, timely commentary from Rahul Jaiswal, a retail and wholesale industry expert, please contact [email protected].
About Info-Tech Research Group
Info-Tech Research Group is one of the world’s leading information technology research and advisory firms, proudly serving over 30,000 professionals. The company produces unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. For 25 years, Info-Tech has partnered closely with IT teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.
Media professionals can register for unrestricted access to research across IT, HR, and software and over 200 IT and industry analysts through the firm’s Media Insiders program. To gain access, contact [email protected].
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SOURCE Info-Tech Research Group