Addressing Retail Challenges with Hitachi Solutions
As a co-sponsor of the recent Drapers Online Executive Dinner this July, Hitachi Solutions had the privilege of engaging with senior retail executives to discuss the pressing challenges they face in today’s macro-environment and technological landscape. This dinner, a key event for industry leaders, highlighted common issues that many organisations encounter—issues that our experts are adept at solving using the latest innovative Microsoft technology.
Common Challenges in Retail
Brexit: The lingering effects of Brexit continue to cause significant pain for retailers, affecting everything from the cost of goods to staff availability and logistical hurdles.
Inflation: With profit margins under pressure and disposable incomes shrinking, retailers are battling harder than ever for consumer spending.
Improper Use of Technology: Maximising the potential of technological investments often proves more challenging than securing the initial investment.
Strategies for Overcoming Challenges
These challenges compel retailers to do more with less, underscoring the importance of having the right inventory in the right place at the right time. While technology can’t solve all the issues stemming from Brexit and inflation, it can optimise supply chains and help retailers make smarter inventory decisions.
Retailers eager to leverage modern technology must do so correctly. Advanced data analytics offers numerous benefits but presents challenges and risks requiring careful management.
To address these challenges, retailers should:
- Adopt a robust data governance framework
- Ensure compliance with data protection laws
- Invest in the right technology infrastructure
- Build a skilled team with expertise in data analytics
Retailers must ensure their infrastructure can handle large volumes of varied data and integrate it seamlessly from multiple sources. Poor integration can lead to data silos, inefficiencies, and inaccurate analytics, resulting in poor strategies and decisions. Ensuring data quality and the reliability of analytics outputs is crucial for end-user trust.
From predictive analytics that can forecast purchasing trends to automation tools that handle repetitive tasks, data is not just a buzzword; it’s a strategic asset. Retailers who leverage their data are not only improving efficiency but also gaining a competitive edge by personalising customer experiences and uncovering new revenue streams.
Andy Langthorne
Data and AI Lead, Hitachi Solutions
How Hitachi Solutions can help
Hitachi Solutions has a proven track record of helping businesses transition from legacy systems to the cloud, leveraging the benefits of the Microsoft platform without excessive customisation. Our expertise in data migration, testing, and localisation helps reduce project risk.
If your business aims to harness the transformative power of modern technology to drive innovation, enhance customer experiences, and stay ahead of the competition, consider partnering with Hitachi Solutions. We can help you identify high-impact use cases, optimise your operations, and develop strategic initiatives tailored to your business needs.
Get in touch with Hitachi Solutions today to explore how we can help you succeed in today’s challenging economic environment.