Study: How well do retailers see their inventory?
A new study suggests retailers may be attempting to improve their inventory view.
According to the 2019 Retail C-Suite Viewpoint Survey, conducted by retail research firm Incisiv, JDA and Microsoft, 78% of 221 global c-level retail executives surveyed said they do not have a real-time view of inventory across channels. Half of respondents believe they do not have the right platforms and tools in place to support expanded fulfillment options. In addition, nearly half (46%) do not trust their data.
These inventory and fulfillment issues are occurring while many C-suite retail executives face significant internal pressures. Almost half (48%) of respondents are working under the pressure of short-term goals and 41% say they are combating organizational resistance to change.
The survey also found that supply chain and store systems lag in cloud adoption. However, artificial intelligence (AI) has both the highest rate of current experimentation (pilots) and expected future adoption across the retail C-suite, with respondents stating they plan a 5X increase in the technology over the next two years.
“Even as retailers try to get to consumer parity, the C-suite is impeded with core challenges,” said Gaurav Pant, Chief Insights Officer at Incisiv. “Digital transformation maturity and keeping up with the next evolution of retail, the intelligent enterprise, will require successfully shedding old habits and eschewing channel-centric thinking for a more holistic view of retail. The latest technologies such as cloud, artificial intelligence (AI) and the Internet of Things (IoT) are the key enablers of this transformation.”
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