Is Your Product Management Art Or Science?
Figuring out what to stock and when to stock it used to be an art for the retailer. The art of retail product management was developed by experience and observation over time and paid off in sales as folks found their favorite products or a reasonable substitute on the shelf when they needed it.
But there is a limited shelf space for products, and today’s retailers compete for customers who are able to find what they want on the internet if it isn’t in the store. Retailers may have multiple outlets with varying customer needs. It takes a lot more analysis of a lot more data to see what’s going on in your business and strategize accordingly. How does the traditional art of product management stay viable when the challenges have multiplied exponentially?
Here’s where science becomes the tool used to create art. ChainDrive’s real-time product management component utilizes all your data by simultaneously monitoring your business activity; purchases, receipts, allocations, sales, transfers, in-transit, on-hands and anything else related to supply chain management. The matrix is a power tool that centralizes and facilitates your ability to strategize based on what is actually happening.
The product manager-artist still has to use the tool expertly to its full effect, but there’s a support team at ChainDrive to help you do that. The ability to keep the right products on the shelves in the needed amounts is the essence of supply chain and product management. It’s an art that benefits from the science that is available in ChainDrive’s integrated retail management solution.