From an operations perspective, businesses need to anticipate what consumers want, where and when. Consumer data should directly guide decisions from the supply chain through to the point of sale. But this is a missed opportunity for many retailers and brands due to their siloed operations.
Chief supply chain officers, chief digital officers and chief information officers should work together to solve for market resiliency, transparency across inventory and delivery, sustainability and social impact of products or services, and price comparisons.
To create long-term value and effective operations, companies should be able to address real-time visibility and inventory availability, integrated planning and fulfillment optimization, and end-to-end supply chain orchestration. There is no question that retailers and brands have these functions on their radar and have been addressing them. The advantage is doing so simultaneously, in an integrated fashion, to provide a wholistic and differentiated consumer experience.
Having the right items available in the right places at the right time defines long-range growth and success. By optimizing processes, capital and product inventory, companies also can strategically align employee assets across all functions.
Leveraging data to understand consumer priorities is foundational. For example, with 60% of US consumers agreeing that companies have a responsibility for driving positive social and environmental change, retailers and brands can turn touch points into trust points.
Do you know your consumer consciousness score?