Achieving Retail Performance Excellence
When we think about performance excellence, it’s easy to think of it as an abstract concept that sounds nice but is often more of just a buzzword that is thrown around at meetings. However, according to the Baldridge Glossary, there is a very clear definition and it includes 3 results that demonstrate that your business has achieved performance excellence. In this blog post, we’re looking at these three results closely.
1. “Delivery of ever-improving value to customers and stakeholders, contributing to organizational sustainability”
In other words, if you want to ensure that your business will thrive as customer habits and tastes change, you’ve got to continually demonstrate ongoing value to a rapidly-evolving customer. For retailers today, this means creating an omnichannel buying experience whereby your retail business is where your customers are - be it in-store, on a mobile device, or at home on a laptop. But before you can even begin to take the necessary steps to support these different channels, you must first have a full 360-degree view of your customer so that you can design the most effective buying experience.
Dynamics 365 helps retailers to do so by collecting and storing data received from customers, both during the sales process and from outside sources, such as social media. It also integrates CRM so that your employees will have this information at their fingertips to support them throughout the sales process. By having this information in conjunction with your overall operational data, you can better see opportunities to improve your product, buying experience, and overall interaction with your customers - ultimately enabling the profitability of your organization.
2. “Improvement of overall organizational effectiveness and capabilities”
Want more effective employees? Give them the tools they need to do their job and the ones that can eliminate unnecessary stressors and tasks from their lives. Dynamics 365 can do so by automating many tasks within your internal operations and across your supply chain so that your employees don’t have to spend hours on manual entry and sharing data. Machine learning and BI enabled by such a platform can also help to eliminate inefficiencies and problems more quickly - so the chances of them becoming something that requires employee attention become smaller. The integration of key tasks within a centralized dashboard also helps to boost communication, productivity, and transparency across your retail business - with results to match.
3. "Organizational and personal learning"
Taking all these efforts and the data they produce can provide a wealth of knowledge for introspection and analysis. By keeping clear and organized records of everything that has happened and transforming them into usable data, an ERP platform can enable retailers to look deep into their organizational culture and environment to find ways to improve. Additionally, it is essential for employee motivation and retention to provide opportunities for learning and growth. Dynamics 365 can enable this growth not only in a practical manner of providing portals for training and resources, but also by helping stakeholders to see where there are gaps and for employees to communicate where they feel that they need the most support for their success and satisfaction.
Performance excellence doesn’t have to be just a phrase thrown around without any substantial meaning behind it, it can instead be a path to a more effective and profitable retail business. By keeping these guidelines and results in mind, retailers can spot inefficiencies and make changes that have overarching positive impacts throughout an organization. ERP platforms like Dynamics 365 can help bridge the gaps and eliminate silos in businesses so that these different needs and goals can be that much more attainable. However, choosing the right ERP platform vendor to implement such a solution is essential for ensuring that the solution that you’ve chosen can become part of your business with minimal disruption or loss, so be sure to choose a partner that is experienced in both your chosen solution and in the retail industry.
If you’re interested in hearing about how Dynamics 365 helped Pakistani retailer Khaadi improve their internal operations for a better bottom line, make sure to check out our case study
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.