Guest Column | By Amr Farahat, Washington University in St. Louis
With the madness of Black Friday and holiday shopping behind us, retailers are taking stock of inventory. Matching expensive supply to uncertain demand each holiday season — and beyond — remains a central problem they and their suppliers face.
In today’s highly competitive retail environment, mounting pressure can surround any brand. Consumers want convenience, quality, and transparency. Retailers want to hold their margins. Manufacturers around the globe seek to minimize costs and balance production windows with accelerated turnaround cycles. With rising demand, manual order fulfillment and inventory management processes simply won’t yield success.
By unifying data from products, factories, and raw materials, orders become traceable so compliance managers can identify areas where risk is most prevalent based on historical data and alter the course to alleviate future failures. Read on to find out how.
Most companies are prepared for daily disruptions and able to immediately address these instances without much thought. But is your team equipped to handle bigger challenges? Do they have a plan for a power outage that spans several hours, days, or even weeks? Expand that thinking to vendor partners. How will vendors maintain their service to you, their customer? In other words, what is your company’s internal business continuity plan, or vendor plan, in the event of a cyberattack?