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Embracing a proven approach towards business transformation is the key to efficient, profitable and lasting change, says Retail Insight’s Xander Friedländer
The retail landscape has changed immeasurably this year, with the marketplace being stretched and pushed in all directions like never before.
Whether that be due to demand levels, unpredictable sales or retaining their supply chain, companies now truly understand why better systems are essential to deal with chaotic times.
But while the obvious answer may be to just go ahead and make necessary updates, that is easier said than done.
Doing things differently
Organisational change can be as wide-reaching or as minute as you make it and covers everything from operational tweaks to total business transformation.
Regardless of what form the change takes, the steps to execution can be time consuming and businesses may face many obstacles along the way.
“Understanding where and how to invest and then acting on meaningful insights gives savvy organisations a key advantage”
Resistance appears in all shapes and sizes. From disparate legacy systems and data to diverging leadership agendas. However, once you address the barriers, change can be very successful.
The key to bringing profitable change
Understanding where and how to invest and then acting on meaningful insights gives savvy organisations a key advantage.
This is vital at a time when uncertainty is abundant and pressure on margins is growing due to fierce competition in an environment laden with choices.
“Defining the strategic scope and then designing and introducing best practice processes is one of the prime components for successful change”
Ways to implement successful and profit-enhancing alterations are high on many retailers’ agendas now as they look ahead to the post-Covid world. Our upcoming report Effective Change Execution in Net Revenue Management (NRM) will cover just this.
Launching at our virtual event on June 25, the report will focus on change management in relation to implementing an NRM agenda.
This data-driven approach requires a more collaborative way of working across the business but, in turn, helps highlight growth opportunities to boost profits.
More and more firms are turning to NRM to harmonise the way their organisation operates, records and manages commercial dealings with their customers and internal stakeholders.
The best recipe for successful change
Defining the strategic scope and then designing and introducing best practice processes is one of the prime components for successful change. However, similar scrutiny is also needed for people and technology to succeed.
“It can be hugely complex to deconstruct existing operations and face the new normal with a different mindset”
Enabling access to ‘a single version of the truth’ when it comes to plans, insights and performance is also a must if a business wants to analyse and act at speed.
The technology that helps provide this vision gives retailers the opportunity to improve operations both in the immediate and long term.
But navigating change is not easy. It can be hugely complex to deconstruct existing operations and face the new normal with a different mindset.
A time for transition
As retailers face this pivotal time, it is more important than ever to be accepting of change.
Those that plan for the future and are open to process upgrades and system adoption can advance their customer proposition and stay one step ahead of the rest as we ease back into life post-pandemic.
Xander Friedländer is chief analyst at Retail Insight.
Retail Insight has partnered with Retail Week to host a virtual event looking at how to execute change. The event will focus on how embracing a proven approach towards business transformation is the key to efficient, profitable and lasting change. Effective Change Execution in NRM will take place at 3pm on June 25. Click here to register your interest.
