3 Reasons why ERP and Retail is a Perfect Match
Modern retail is multifaceted and requires seamless operation of various aspects of your business - ranging from supply chain, to ongoing marketing efforts, to customer service, and just about everything in between. As all these different parts encompass an incredible amount of data, information and decision making. It is easy to get over-focused on individual pieces without drawing connections between them and making the entire process from merchandising to after sales support, more efficient and cost-effective, ultimately leading to a better retail customer experience.
Thankfully, with the advent of new technologies, all this is achievable in your retail business - and an ERP in particular is an essential tool to help you get there. In this post, we’re looking at three major reasons why ERPs and retail go together to help you get the most from your retail and operational efforts.
- Inventory accuracy: When you have a retail environment with multiple locations, physical and digital, making sure enough of the right items are available in the right places is critical. An ERP enables you to track different orders and inventory across locations and seamlessly keep it updated in real time, so that the right people can immediately know what’s going on where. An added bonus? Many of these processes become automated - so when you start getting low on a certain product in a certain location, the machine learning part of your ERP can ensure that more is ordered and sent to the right location before it’s too late.
- Centralized view of data: We already know the importance of collecting necessary information about your customers and sales but we mustn't skip the importance of data accessibility. With an ERP, data across your operations can be found together in a single dashboard to enable you to make the right decisions at the right time. By utilizing an ERP that integrates business intelligence (BI), you can get custom reporting on your essential KPIs and help stakeholders make important decisions based on real data without having to do anything extra in terms of data collection and organization - freeing up valuable time to be spent on actually making the decisions instead.
- A more consistent customer experience: One of the most important parts of any stellar buying experience is consistency throughout locations and interactions with your brand. An ERP can help you achieve a more consistent experience by ensuring that employees and processes are following the same patterns - creating consistency from within to provide a foundation for consistency with your customer. It can also be helpful in ensuring that your branding is optimal in terms of marketing and customer service efforts.
If you’re considering that your retail business might need a hand, an ERP could be just the solution that you’re looking for. However, it is important to ensure that you select the right ERP with specific add-ons available for the unique needs of retail as some more ‘general purpose’ options may require intensive technical support in order to meet your business’ needs. Additionally, be sure to choose a partner for your implementation that has experience in the retail industry and that will be available to provide support for your employees before, during, and after the transition.
Wondering if an ERP could be right for your business? Send us an email to firstname.lastname@example.org for your complimentary consultation.
Disclaimer: The views expressed here are solely those of the author in his private capacity and do not in any way represent the views of Systems Limited, or any other entity related to Systems Limited.