Within the past few decades, information gathering challenges have completely changed for decision-makers in the retail industry. Previously, retailers suffered from a lack of correct information, but nowdays they have too much raw and unstructured data, which becomes very difficult to interpret. Now organizations are able to make decisions by collecting large amounts of data because there are a number of affordable ERP technologies available on the market.
ERP systems take input from multiple departments of an organization in order to make sure that each department collaborates with others in an efficient and effective way across the supply chain. You can better help your staff's ability to process orders and generate better results by selecting an ERP solution that is specifically made for your industry.
Below are the most significant ways that a retail organization can be improved by an enterprise resource planning system:
- Financial management
- Store operations
- Personnel management
- Customer resource management
Nowadays, retail organizations are focusing more on cloud-based enterprise resource planning systems. Cloud solutions provide very simple information centralization for their retail outlets and keep their entire organization's data synchronized at all times. As an ERP system can be easily integrated with POS systems, you can track each transaction in real-time. This enables you to make fast and precise decisions.
Here are some things you need to check before selecting an ERP solution:
- ERP systems should be able to show you data and reports by location, cashier, time, store department, etc.
- It should be able to show you staff scheduling.
- The ERP solution should be capable of showing you customer profile data and in-depth order history.
- It should be able to show you available stock levels and other important supply chain metrics.
One of the most important features of an ERP system is resource allocation. Efficient ERP systems easily manage scheduling to address peak store traffic by helping you pre-schedule enough employees to meet store demands. ERP systems let organizations set up role-based permissions to create an intuitive employee experience.
Customer Resource Management
Not only is it important to accurately manage customer records for each interaction point, but it's also important to use this data in understanding your actual customers. In this way, you can help your organization deliver a superior level of customer experience. ERP systems enable organizations to keep track of buyers' purchase history and other data, and then use that data to redesign future campaigns.
E-Commerce and M-Commerce
In the past few years, shopping trends have changed a great deal. Retailers are offering their products to customers over many channels like online stores, mobile apps, telephone, physical stores, etc. Most retail leaders now know that offering products on multiple channels is not enough – every channel should offer a consistent experience. By implementing an ERP system, you gain the ability to measure the performance of each channel. You can easily identify which channel is performing better than others and why.
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