12:4013:00 02. Jun 2022
12:4013:00 02. Jun 2022 iCal myOrganizer
Connected Retail-Stage

How to improve collaboration in retail through data

The objective of the session is to discuss how retailers and suppliers can collaborate by having a data strategy in place and operating with less strain on resources. The goal is to help retailers understand the importance of collaboration and how they can better manage their inventory. Data has become the most important asset retailers have, nevertheless they don’t manage it effectively. From our experience, these companies don’t have a strategy due to lacking capability, privacy concerns, or implementation costs among many others. Nonetheless these challenges, retailers sharing data grow way faster (+30% on avg, year over year) than those who don’t.

Nowadays, retailers are drowning in data due to multiple sources and formats where this data comes from. At the same time, these companies are starving for insights. We will be diving deeper into what a successful data sharing strategy looks like and what it requires. The impact of not having a data strategy translates into having too much stock and missed sales opportunities. To be able to increase the flow of products to consumers retailers need to automate their decisions on what to order, ship, make or buy. These decisions can be easily automated, whereas more strategic and business-critical decisions can still be taken by people in an organization. Throughout the session, we will be introducing anecdotes, case studies, and results to be able to exemplify the impact such collaboration has on a retailer’s business.