The truth of the matter is that all organizations, large or small, use one or several forms of data to help them with the strategic decisions of their business. However, most of these data sources are treated as “contextual”, which means, they are only used within their own domain. For instance, Trade Marketing departments often use external sales data as a lift factor for upcoming promotions, without realizing that the very same data can be used as an influence factor for production forecasting, sales planning, even for sales force deployment balancing.
It’s like buying a car and just driving it to go to work, without realizing that you can also use it to go to the movies, to the supermarket, to a dance club.
To break those information silos, you need to find solutions that can fit in your ecosystem and help you orchestrating the right flows of data, and even further, to put the data to use in the hands of whoever needs it. One of the largest considerations in this sense is to integrate your Trade Promotion Management and your Retail Execution solutions into a single continuum of information.
“Continuum: A sequence in which adjacent elements are not perceptibly different from each other, although the extremes are quite distinct.”
Your in-store promotion execution data can return valuable information about the “cost-to-serve” that may influence the definition of future promotions. In addition to that, promotional compliance factors, direct order entry, in-store availability and other data points obtained from the Retail Execution side can be leveraged as factors to assess the success of a running promotion, as well as to shape the next one to obtain the best outcomes. On the other end of the continuum, Promotional definitions, materials, mechanics, analytical information directly obtained from the Trade Promotion solutions can be put in the hands of the field personnel to influence better negotiations and to provide better tools to increase the performance in the store.
In the first article of this Retail Execution blog series, Andrew Banks provides an intro into the world of Retail Execution. Understand what it takes...