Radical changes in the retail industry are happening rapidly. Changes in technology, business models, and evolving customer standards require constant adaptation. Retailers must be able to respond quickly to changing conditions and deliver targeted customer engagement at scale.
Why does the retail industry need an integrated system with a single source of truth as its digital core?
An integrated digital core offers stability, long-term reliability and flexibility to adapt quickly to new opportunities, challenges, regulations and accommodate new business models.
The ability to respond quickly is an essential part of managing a retail company. For this reason, simulation, prediction, and analysis capabilities are essential components. Detailed information is essential for companies to make consistent decisions by understanding trends, opportunities, and risks.
The ability to compete is very important, therefore companies must be ready to provide the right or unique products and the ability to provide extraordinary customer service.
Innovative retailers must be able to leverage new technologies to support their digital transformation strategies and respond effectively to advancing competitors and new demands from digitally empowered customers. The application of machine learning to retail enables further optimization and automation of business processes and more impactful, personalized and contextual consumer experiences.
Right product, right time and right price.
With the right integrated digital core, retailers are able to focus on growth and profitability balanced with flexibility in determining strategy and pricing.
To take advantage of new opportunities and better meet individual needs, retailers must address end-to-end (E2E) processes across departments and lines of business to deliver on new customer experiences, products, and services.
The Internet of Things (IoT) lets them connect to the outside world, driving unprecedented efficiency and optimization as well as new levels of customer connectivity and new retail business models
By using SAP Business One Intelligent Platform as a seamlessly integrated digital core, retailers gain flexible, intelligent system capabilities that can be continuously enhanced and extended with innovative business services built on emerging technologies such as machine learning and IoT.
Intelligent ERP provides business users with insights that empower them to act in real time; goes beyond automation and provides predictive advice; and is integrated, not just across departments, but also to consumers.
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