Net profit-increase is
your focal point in upgrading or adopting current technology solutions. Optimization of every business procedure and
the implementation of information technology tools that create the potential
efficiencies are the groundwork.
Some of your project targets for reducing expenses, increasing revenue
and maximizing your bottom line should be:
·
Make merchandising decisions through access and
utilization of item-level inventory, sales and margin data.
·
Heightening business outlook and intelligence
through high-end analytics applications
· Reduce operating expenses
through improved
operational efficiencies, including consistent paperless procedures and training; streamlined ordering and
receiving processes, lowered shrink and waste and optimized inventory management
processes.
· Increasing revenue through
centralized price execution and control (pricebook)
· Optimize product assortment
and space utilization through turnover targets and shrink controls.
· Minimize “out-of-stock” and optimize
pricing and promotional activities through central inventory control.
·
Reducing
product costs through central supply-chain management and better control of
invoice exceptions.
·
Reducing
overall cost of technology ownership through centralized control, a minimized
technology footprint, lowered customization and maintenance costs and the
replacement of existing antiquated technology with modern, Web-based solutions.
·
Improve
competitive position through additional savings, assortment and customer
service.
Accomplishing
these targets can drive as much as a 30-50% increase to a retailer's
bottom-line, according to some estimates.
At a recent industry-leading tradeshow, it was projected that there is
$1 billion or more in additional profit opportunity available to retailers who
put in place web-enabled/based management solutions.