The Value of Data Integration In Retail Planning
Retail Planning is an important base to build your business upon. With the right planning, profitable buying decisions are made, adequate stock levels are maintained. In order to do this planning, however, there must be an integration of all the data across the spectrum of the business so that necessary information is visible. There also needs to be some built-in flexibility for the invariable need to adapt to trends.
All The Data Across The Spectrum
The centralized database in ChainDrive’s planning software is the foundation for data integration. Here, all the information generated in the business is securely stored for authorized access whenever it is needed. Every channel, every part of the supply chain, every detail is collected in real time so that a needed status update is accurate and current.
The Ability To See What You Want To See
Versatile data displays, segmented views, and dynamic controls let you filter and search for information according to the need. That means inventory can be sorted by vendor, style, season, or any other user-defined category. But no matter how many different teams or individuals are involved, it all can be integrated easily to be viewed as a comprehensive whole.
Confidence That Planning Is Flexible
Flexibility can make the difference between profit and loss for a retailer. Holiday fads, extreme weather events, and other variables make it impossible to accurately predict everything that will be on your customer’s shopping list. At the same time, knowledge of your market and comparative analysis of sales and receipt patterns gives a reasonable picture of the future. ChainDrive’s analysis tools are designed to provide meaningful insight so planning can be on target.
Since the future is certainly going to contain some variables, Open-To-Buy becomes an important factor for retail planning. The margin in this category gives the flexibility retailers need to make quick inventory changes in response to customer demand. Integrating all the data lets you see how everything in your business works together. This makes planning the necessary flexibility that Open-To-Buy provides simple because you can accurately assess where margins should be.
The ChainDrive Planning/Open-To-Buy component is part of a powerful retail management software platform that integrates your data so it can be utilized for optimal effect.