The Challenge

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• One of the key challenges for this retailer was the discrepancy between the number of stock items they would be purchasing each season compared with how many would then be bought by customers. For instance, for every 140 t-shirts purchased they would then sell 100 of these in stores. This was due to several factors including misjudged customer demand, supply chain issues and poor inventory management. All these pain points could be alleviated by improving data management and transforming the E2E supply chain.

• Another obstacle is the fast paced and evolving nature of technological advancement and the need to keep up with competitors. With the advent of social media and particularly Instagram and TikTok, fashion trends now move at rapid pace and retailers must now build a foundation for modern technology and enhancements to satisfy the needs of the modern customer.

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Our Solution

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• Several members of the Novus team have experience in the retail space: with one of our foremost experts having six years of knowledge working on graduate and business development schemes for big retailers plus two years of warehouse operations management for a retailer operating over 400 UK stores. Utilising this extensive knowledge and experience, it was decided that the central point needed to be getting the right stock to the right place at the right time.

• With a clearly defined framework of Define, Locate, Trace, Measure and Control the team set to work, leading the retailers own Data Governance Team to find its voice and mandate to bring good, industry standard data management practice to bear. The team worked collaboratively to establish Polices and Forums for Data Management and to establish good Data Quality practices across stock data.

• ​The team also worked closely with AIAD and Stock SMEs on good data practice for their Stock Accuracy Report and looked to agree upon definitions on the business glossary that could be used the organisation’s processes, capabilities and systems that feed into Stock Accuracy. There was a very collaborative nature to this entire initiative, with members of the Novus team frequently visiting the retailer’s overseas headquarters to meet and engage with the Data Team and host Data Quality Workshops for over 100 of their employees.

 

Key Outcomes

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• Improved customer experience (both instore and online) – by improving data quality the organisation can now analyse customer preferences and shopping behaviour to create tailored offers, recommend products, and adjust prices instantly. The implementation of RFID (Radio Frequency Identification) has further streamlined the customer experience in store by enabling quicker self-checkout and a more personal experience as the system can now identify items the customer is taking to a fitting room and offer further recommendations.

• Smoother operations across the business and improved inventory optimisation. Not only have stock levels now been balanced with a reduction in risk of shortages and overstocking but the improved management of data across the enterprise has helped to optimise their supply chain and highlight inefficiencies.

• Better quality of data has led to improved sales prediction and identification of trends helping the brand stay ahead of competitors in an increasingly competitive retail environment.