Global brands rapidly took strategic action to adapt their business to the worldwide shutdown. From reassessing the retail calendar to redistributing resources towards digital channels, the retail industry quickly evolved. However, the uncertainty of the future continues to loom over executives’ minds even as we move away from pandemic concerns, due to potential concerns of recession – there will always be uncertainty and a need to have access to insights that allow businesses to quickly pivot.
What strategies can the industry employ to minimize this anticipated risk?
These questions can be answered by the Single Pane of Glass (SPOG) concept that brands are implementing. Through a two-pronged strategy, brands gain real-time visibility into all of their key performance indicators like profit margins, sell-through rates, and revenue growth as well as rapid implementation capabilities to capitalize on their business opportunities and industry trends.
Data visibility and reliability establish the foundation for any business utilizing SPOG. Companies suffer headaches with multi-system integration. Executives are forced to spend human capital (often susceptible to human error) to normalize incompatible and disparate operational data sets. As a result, analytical data becomes skewered, providing poor interpretations of trends and opportunities. SPOG provides a single environment to interpret data from various systems for a 360-degree view of any retail business.
With reliable analytical data and the opportunity to make data-driven business decisions, brand executives require the ability to implement these decisions quickly. A fully-integrated SPOG environment offers users the ability to execute decisions with minimal effort. SPOG differentiates itself from other ERP systems through superior integration capabilities and dynamic system communication. For example, if an executive identifies that customers within a geographical region have increased their in-store visits, he or she may make inventory changes as well as invest additional resources or training so that staff in that region can offer more personalized service or enhanced experiences in-store.
With the onset of this advanced environment, brands can employ a lean operating model. Through dynamic system communication, executives gain reliable analytical data, the power to manipulate and analyze their data with simple dataset generation techniques, and the control to roll out executive decisions with minimal impediments. SPOG provides retail businesses with the ability to stay versatile in uncertain economic times.
See how our brands are utilizing the SPOG strategy to achieve 360-degree visibility into their operations, increase their market share and optimize their operations with the XY Retail platform.