The pandemic has made it clear to retailers that knowledge is power. Knowing what products are popular and how to get them amid retail supply chain bottlenecks will continue to be a central challenge moving forward.
In 2020, the global out-of-stock merchandise in grocery retail alone was valued at approximately 570 billion USD. Research shows that over the next ten years, a typical company will lose more than 40 per cent of one year’s earnings before interest, taxes, depreciation, and amortization because of supply chain disruptions.
In 2022, knowledge is practically synonymous with data. Retailers that invest in the technology that can gather and analyze large sets of complicated data will prepare them for this current era of predictable unpredictability, setting them apart from the competition.
That’s where SMART Retail comes into play.
Based on Microsoft Dynamics 365 Commerce and Supply Chain Management, SMART Retail is a one-stop solution for medium-sized retailers. Because its system has over 1,000 preconfigured retail-specific standard business processes, implementation time can be reduced by up to 70 per cent.
SMART Retail will optimize warehouse processes, like inventory management and mapping with AI functions and automated procedures, building a seamless supply chain from sourcing and procurement to transportations. Data is secure and easily accessible through a tailor-made application for employee and warehouse roles.
Manufacturing and inventory account can be managed under one application, improving cost management. SMART Retail also manages containers, vehicles, loads, and routes to follow deadlines and delivery slots, also helping to reduce costs.
Before the pandemic, nearly 70 per cent of companies didn’t have total visibility over their supply chain, an oversight that quickly became a vulnerability with COVID-19. In the first nine months of 2020 alone, there were 4,200 supply chain disruptions. In over 50 per cent of those disruptions, mapped supplier sites were potentially threatened.
It’s not a surprise that over 40 per cent of retail supply chain executive want to invest more in real-time supply chain visibility.
Using the Internet-of-Things (IoT), SMART Retail enables predicative insights into potential machine issues to avoid downtime and maintenance costs, contributing to better workflows. Field service data from IoT devices allows users to maximize the lifespan of assets like machines, vehicles, and production equipment.
The vendor collaboration interface allows vendors to easily confirm orders and request quotes. They can also view and edit basic company information with little exposure to purchase orders, invoices, and consignment stock to external vendor users.
We have the experience you need to revolutionize your supply chain. Contact us at https://sheaglobal.com to learn more about how SMART Retail can also help with omnichannel shopping experience, contactless shopping, and more.