Robert Feuerman, Retail Consultant, Columbus Consulting
ERP PARTNERSHIPS
Data and technology… especially in the implementation of a new ERP solution… go hand in hand.
Within every retailer’s enterprise, data and technology should be equal partners.
IT and Operations are also partners in the management of data. While IT is responsible for securing data, architecting it, integrating it, and readying it for use, the business owns the data standards. Clear direction on what the data must do and the rules for supporting the intended use cases are needed to ensure there aren’t any data gaps.
MASTER DATA & DATA READINESS
Merchandise master data is a retailer’s universe. Yet, we find that many retailers don’t have a standard data model or solid data strategy in place. To support continued growth, retailers need to think about data differently than they have in the past.
Data readiness needs to be front and center for any enterprise initiative, such as the implementation of a new ERP solution. Discussions on data conversion or migration, should be elevated to the topic of data readiness. Having clean reliable data better enables AI, analytics and other features within the new ERP solution, ensuring you get the most from your investment. Implementing a new ERP is also a good time to rationalize item and vendor info, as well as to clean up merchandise hierarchies that no longer fit with your business.
DATA ENABLES ERP
When you ensure your data is ready for a new ERP, it provides your organization with better transparency. Taking the tribal knowledge that has been built over the years and democratizing it across the organization improves data access for all and removes any possible points of failure in analysis or decision-making.
Data is the most valuable element within a retailer’s technology environment, but it is often the most under invested area.
TRANSFORMATION BUILDING BLOCKS
Whether you are a grocery, home goods retailer or a luxury brand, the pain points related to bad data and the processes involved in establishing clean data and maintaining it are the same. Developing and executing a data strategy isn’t overly complicated, but it can be complex. Retailers need to consider data as part of their transformation strategy and incorporate it as part of their ERP plans and overall transformation roadmap. Like everything else, building and securing the cornerstones first will ensure a strong business foundation that is solid and scalable.