The Key To Successful Product Management
Product management is one of the basic functions a retail operation must get right. Just as a juggler must simultaneously monitor every object moving through the air, product managers must simultaneously monitor the many changes in product status. If you can’t keep track of the things you sell, who knows if the business is actually being as profitable as predicted? This essential function of retail management is what ChainDrive’s Product Management software component is designed to do in real time.
Real-Time Simultaneous Monitoring
The key to successful product management is being able to track the location and status of merchandise in real time and at all times. Simultaneous monitoring of business activity like purchases, receipts, sales, allocations, transfers and the rest of the details needs a powerful tool to accomplish the task. ChainDrive has such a tool, called The Matrix, that uses the power of online analytical processing to perform multidimensional analysis of data. This enables complex calculations, sophisticated data modeling, and trend analysis of over 30 product data attributes.
The centralized database enables all information to be collected in real time and stored securely, instantly accessible for authorized use. Because it is collected in real time and accessible in real time, every detail is available for monitoring. This provides a complete view of all the factors involved in product management and gives accurate status at all times.
The extensive analytical tools enable tracking, analyzation, and the ability to measure the potential impact of decisions before they become actions. Seeing the entire lifecycle of every product in context and being able to compare relevant data enables comprehensive, intelligent decision-making. User-defined parameters within the system provide complete control of all post-distribution stock movements, including mass recalls.
Stay In Control with ChainDrive
Cost and price management get complicated when multiple stores and channels are part of a retail business. ChainDrive’s Product Management component simplifies even the most intricate operations by seamlessly integrating inter-store or inter-company inventory management to accounting. Multi-level product hierarchies or multi-dimensional style creations are equally simplified.
Since the key to successful product management is simultaneously monitoring all activity in real time, the successful retailer needs the sophisticated software tools that ChainDrive provides. Otherwise, product management is like a juggler who can’t keep track of what is happening and drops the ball.