A recent McKinsey report highlights that about 52% of retail processes can be automated with significant impact on the bottom line. The report also highlights mechanisms to achieve this with very low capital and faster than most CEOs think you can achieve.
49% of CEOs think that the market situation will worsen in 2021 compared with 2020
Disruption & uncertainty: The state of European grocery retail 2021 | Retail | McKinsey & Company
Impact of Covid-19 on Retail
There is no need to to emphasize the impact on retail. Supply chains models are shattered and unpredictability is putting significant strain on the retail industry.
Recent McKinsey survey highlights that 49% of CEOs think that the market situation will worsen in 2021 compared with 2020
Businesses have to act fast to start transforming their processes to be more agile and resilient with this unpredictable market conditions.
Simplify Processes
Of the all of the points this incredible research paper brings forward, one point certainly stands out – Simply Processes.
While it is not simple to simply processes, there are more tools and mythologies now to take initiate the effort to simplify processes. We think simple in this regard and take an iterative approach making simple adjustments to your processes and doesn’t cause friction with available people and resources.
Rise of Low Code and No-Code Platforms
Recent years has seen tremendous leap forward in software development and automation technologies. Starting with RPA, several platforms emerged, now consolidating their approaches and simplifying implementations to deliver best value and customer experience.
There are several that you consider as per this Gartner Magic Quadrant. Of these Microsoft is the only platform which provide a complete integration across all of the areas of retail processes and provides highest value for the implementation immediate and long term.
Iterative Approach
Disrupt but not too much at a time. Take an iterative approach automatic low hanging processes with less friction but have a long term vision strategy.
An example of simple automation is using native Office 365 automation technologies like Flow, Power Automate Desktop, Power Apps, you can build simple automations like automatic reminders, order calls, and invoice validations. Add the power of Teams to streamline approval processes. These automations takes anywhere between a day to 2 weeks and you will have an ROI within a month or less and saves millions of dollars for a typical retail company, in the same year. This affects your bottom almost immediately – something to think about.
People
Lastly and above all, manage your staff and their expectations properly. Businesses are run by people with the help of tools you provide. Please take care of your people and stay a healthy business.
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