As the retail landscape changes and becomes more technology-focused, it has become increasingly important for retail businesses to keep on track with the various trends that dictate the trajectory of industry. If you own or are responsible for local retail business, here are the trends you need to take note of:
Customer demand has become very complex and very challenging. Previously, distributors could base their supply on the basics of simply supplying products and fulfilling a need for certain products but today the landscape is vastly different.
Cloud-based services have become the norm for many businesses around the world. Not only is it a safer option as it mitigates many risks, but it has also become a universal signal that a business has moved on to the next generation of technology. Keeping up with the latest tech to ensure efficiencies, accuracies, security, business intelligence, data collection and management thereof and much more is crucial as not many businesses can afford to fall behind the curve anymore. Data plays a big role in this. From mobile data to more high risk confidential customer and employee data as well as the data and insights around your business, it’s crucial to manage this properly. One of the most effective and preferred solutions are to move to the Cloud. Cloud technology has become the most trusted technology used by organisations in all fields around the globe and is gaining more and more prevalence.
A changing economy means that businesses are having to focus more on making the most of what they have and to be cost conscious. This has a big effect on not only small purchases but even more so on the big purchases such as expensive machinery and equipment. Not only does the high cost aspect pose a risk for businesses that rely on heavy-duty machinery to operate, but it can also raise a number of red flags when it comes to safety and reliability as there are added big expenses to keep up with the maintenance of these machines or equipment. If we look at these aspects, the option for businesses to hire equipment or machinery instead of purchasing them, becomes a real consideration.
Today, more than ever before, consumers and businesses alike are becoming more conscious about the environment and the role they can play to become more environmentally friendly. For example, many restaurants the world over have started using paper or biodegradable drinking straws, while the likes of New Zealand have banned single-use plastic. As the consumer grows more aware of how various business and manufacturing practices effect the environment, they will also start to avoid products/services that are not environmentally friendly, as much as they can. It is therefore important for organisations to make strategic moves to eliminate as much of their carbon and waste footprint as possible, or suffer the loss of environmentally conscious customers.
Data – a word that has been thrown around a lot but all for a very good reason. Today, most businesses can’t or shouldn’t operate without really evaluating their data, and those who have the skills to interpret it and use it to their benefit are the businesses that have been able to grow from strength to strength. Not only does data hold the key to unlock invaluable business intelligence, but it also gives rise to an entirely new way of doing business. Being smart and efficient about how you run your business, are two aspects where data is really valuable as it highlights where you are doing well and where you need to improve as well as showing aspects that you may not even have thought about.
Stock management, for any retail business, is a crucial building block to success. Without it, organisations would struggle to operate optimally and face the risk of complete failure. Today, most large organisations have transitioned to automated stock management systems that are integrated into their POS systems – not only does this benefit the retailer as it updates inventory in real time, but it also mitigates the risks of human error.
In many cases, enterprise resource planning (ERP) software forms the basis for a company’s infrastructure and operations. Without it, organisations can quickly fall apart due to their dependency on the system. However, in the event for ERP failure, it is important for organisations to have access to the necessary back-up data as well as the ability to initiate a crisis management plan that can assist in mitigating more severe risks that come with software failure. Here are five strategies that can assist in the unlikely event of a system failure:
It can be easy to feel overwhelmed at work when your task list is never-ending, your clients have a perpetual stream of requests, and there is no end to the emails in your inbox. This is particularly true for business leaders who are constantly trying to make their businesses grow, while staying afloat of their own admin tasks and interpersonal relationships. Overwhelming stress can lead to a number of risks, health included, and can jeopardise an organisation in a variety of ways. However, with elevated stress levels whilst it’s only April, it might be time to consider the various tools that are available. Specially designed to mitigate stress and help alleviate business leaders of some of their more mundane tasks, tools like an Enterprise Resource Planning (ERP) system can make the world of difference. Let’s take a look:
Historically, the value of a business focussed mostly on the health of the most recent balance sheet. Essentially accountants could, at a glance, determine asset strengths and liability weaknesses, then offer an informed viewpoint as to what actions were needed to improve things. Nothing wrong with that. As a process of its time, this worked fine.
