A live survey carried out at this year’s UK Retail Innovation Forum event has found that 80% of retailers believe that the best way to organise disparate company systems into one platform is via the cloud.
The survey found that one area retailers are aiming to improve is operational visibility, with 28% of attendees stating they do not have a single view of their organisation’s operations. 88% also indicated that they feel they need to improve store planning.
The UK Retail Innovation Forum event was attended by representatives from some of the largest high street retailers and independent companies in the UK.
31% of attendees have a product management lifecycle system in place, with 27% identifying the key benefits of such a system as communication, collaboration and improvements in cost management.
The biggest challenges identified included customer focus and increasing customer demands, followed by managing change and stock control.
35% said disparate systems were the reason they didn’t have a clear vision of the business, with the vast majority acknowledging the cloud as being the means to achieve this due chiefly to the scalability on offer.
The survey also found that many retailers are dealing with multiple data silos, with very few unifying their data onto a single platform. This negatively impacts the supply chain, as stakeholders are not able to efficiently communicate and collaborate around business intelligence.
The forum also found that companies that have implemented a unified business transactions platform are seeing 40% efficiency gains in areas such as planning and merchandising.
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