Symphony RetailAI, a global provider of Artificial Intelligence-enabled decision platforms, solutions and customer-centric insights that drive validated growth for retailers and CPG manufacturers, announced the findings of a benchmark report, “Supply Chain Management 2018: In Service of the Customer.” The fourth annual study, conducted by Retail Systems Research (RSR) and sponsored by Symphony RetailAI, shows enhanced efficiencies from previous years, but clear room for improvement in fulfillment strategies, demand forecasting, and inventory accuracy and visibility.
“For as long as we’ve conducted this particular supply chain benchmark, we’ve called the supply chain the ‘next big thing,’” said Brian Kilcourse, managing partner, RSR. “This year’s findings show that statement is still true, with retailers making serious investments in supply chain efficiency. Retailers understand that they are challenged to assess demand with a greater accuracy than ever before and to fulfill that demand in the ways that consumers expect. Our research shows that Retail Winners are confidently investing in new data and technologies to improve their supply chain through better forecasting and execution.”
Top concerns grow more pressing
While 80% of respondents claim that their supply chain is a business strength, there were two notable problems from last year’s survey that continue to put pressure on retailers: speed of fulfillment and the changing pattern of consumer demand. While these problems were pervasive in 2017, they’ve become even more pressing in 2018, as both saw double-digit percent increases among respondents claiming them as a top concern (59% and 51%, respectively).
As the divide between those who address concerns and those who maintain the status quo becomes starker, consumers become less forgiving. With shopper loyalty hanging in the balance, the requirement for retailers to identify areas of improvement and deploy innovative solutions at a more aggressive pace becomes more critical.
Source: https://www.inboundlogistics.com/cms/article/supply-chain-remains-the-next-big-thing/