As I stated in my Eight Truths white paper, we are in a new era of retail. Our very own Nancy Marino, Senior Vice President, Tompkins International and MonarchFx, recently wrote a new white paper, Retail Operations in the Digital Age, detailing the process for Flow Retail Planning. Marino explains that Flow Retail Planning creates a seamless experience to-and-through each stage of the supply chain, ensuring that the entire retail channel is a natural extension of the brand. Thus, resulting in higher revenue, faster velocity between each process, and higher efficiency due to reduction in complexity, on both the demand and the supply sides of the supply chain.
Marino lays out how to implement Flow Planning, how it changes the operations of retail in the digital age, and how new and/or revised practices such as each picking are required best practices for order fulfillment.
Marino further outlines the importance of “Flow Planning” for consumer retention. In today’s digitized and connected world, we have become ever more demanding and fickle as consumers. If we do not get what we want, where we want it, when we want it, we dump that brand in a click. Consumers’ behavior and expectations have crossed critical inflection points. Whether you are ready or not, real-time planning is becoming the basic
expectation. The traditional approach of planning and execution in sequential waterfall processes has too much iteration, too many touch points, too much complexity, and far too much latency to be able to cope with this dynamic environment. For us to understand the opportunities for the future of planning and execution, we need to understand what has driven us to map out a path of understanding.
By using “Flow Planning” you not only improve your current processes, but you also build and deploy new capabilities and improve your Return on Investment. I look forward to hearing your thoughts on this new white paper as we are in this new era of retail and some of the things you are doing in your supply chain to adapt to this change.