{"id":2178,"date":"2020-07-13T14:42:17","date_gmt":"2020-07-13T09:12:17","guid":{"rendered":"http:\/\/veracitiz.com\/blog\/?p=2178"},"modified":"2024-04-17T14:46:12","modified_gmt":"2024-04-17T09:16:12","slug":"the-transformation-story-retail-industry","status":"publish","type":"post","link":"https:\/\/veracitiz.com\/blog\/the-transformation-story-retail-industry\/","title":{"rendered":"THE TRANSFORMATION STORY \u2013 Retail Industry"},"content":{"rendered":"\n<p><strong>OVERVIEW<\/strong><\/p>\n\n\n\n<p class=\"has-drop-cap\">The retailing giant is the part of a conglomerate which is having a history of 125 years. The retailing arm itself is 32 years into operation. The magnitude of the size is very much in show if we mention that the employees in the retailing arm is 44000 and the store is operating in Middle East and North Africa, Russia, Turkey and Europe. This huge presence is through about 2400 of the stores where over 70 brands are being sold eventually in 15 countries.<\/p>\n\n\n\n<p>The retailing arm is structured keeping world standards of retailing in mind. The CEO controls the whole establishment. The brands fall into 7 categories such as Fashion &amp; Footwear, Food, Health &amp; Beauty, Pharmacy, Optics, Home Furnishings and Leisure &amp; Entertainment. Each brand is led by a Vice President or Business Director. Ultimate brand responsibility and P&amp;L accountability sits with business unit Presidents who report directly to the CEO. Each brand gets its own team for driving the sales and customer experience.<\/p>\n\n\n\n<p>Cross-border functional teams for HR, Finance, Legal, Property, Supply Chain, Audit, IT and Customer Service provide specialist support and consistency of reporting in key areas. Whilst structures vary by region, a focus on common policies, metrics and reporting systems provide an enterprise-wide perspective of performance.<\/p>\n\n\n\n<p><strong>BUSINESS NEED<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>As there are specific Brand managers and team within the organization, the time spent on planning and budgeting was huge.<\/li><li>The sales forecast was happening every week. With multiple touch points and decision makers, the timeline and accuracy was anybody\u2019s guess.<\/li><li>Lack of traceability of changes in the data was an issue as the data was collated from various sources through multiple brands\/stores which in turn masked the purpose of having one version of truth.<\/li><li>Lack of standardizations and logic assumptions for cost allocations.<\/li><li>Enormous amount of data was a result of lack of visualizations over the changes in the data. T The Transformation Story \u2013 Retail Industry<\/li><li>Uniformity of the data for the closed periods and flexibility of real time forecasting based on scenarios were not possible- A classic drawback of spreadsheet budgeting.<\/li><\/ul>\n\n\n\n<p><strong>THE SOLUTION<\/strong><\/p>\n\n\n\n<p>IBM provides organizations with a performance management solution that enables a line of sight to improve outcomes. IBM solutions for financial and operational performance management enhances organizations\u2019 capability to perform key processes, such as planning, budgeting and forecasting. IBM solution to the challenges described here supports the execution of performance in an integrated, collaborative, connected, concerted manner in order to impact change and get better results.<\/p>\n\n\n\n<p>\u2022 Implementation of Cognos in lines of the requirements of the organization created a robust business intelligence platform that allows users to forecast weekly sales and margin.<\/p>\n\n\n\n<p>\u2022 Store wise forecast against the top P&amp;L Line items facilitated the flexibility of referring multiple versions of forecast for the users.<\/p>\n\n\n\n<p>&nbsp;\u2022 Variance analysis across multiple versions of forecasts and data became possible without any extra effort. E.g. Current Forecast, Budget, Actuals, Last Year Actuals etc.<\/p>\n\n\n\n<p>\u2022 Web based deployments of models for data collections &amp; validations enabled realtime access to various users at multiple locations.<\/p>\n\n\n\n<p>\u2022 Real time calculations is enabling users with the flexibility of allocating various costs, based on trend ratios.<\/p>\n\n\n\n<p>&nbsp;\u2022 Accurate and multidimensional reporting system enabled the top management to have a final info sheet as there is uniformity and data input is permanent for entry level users.<\/p>\n\n\n\n<p><strong>&nbsp;THE BENEFITS<\/strong><\/p>\n\n\n\n<p>\u2022 Cognos helped in accelerating the time required for analysing multiple combinations of data.<\/p>\n\n\n\n<p>\u2022 Cognos improved the efficiency over the data integrity and multidimensional analysis.<\/p>\n\n\n\n<p>\u2022 Real time weekly and monthly forecast became effortless, which was otherwise near to impossible.<\/p>\n\n\n\n<p>\u2022 User has the flexibility of entering and analysing sales and margin values weekly as well as monthly.<\/p>\n\n\n\n<p>\u2022 Single source of information system is established where the data transparency is sustained and single version of truth is maintained.<\/p>\n\n\n\n<p>\u2022 The organization has been able to find a solution to forecast for unplanned stores and have a clear visibility over the uncontrollable due to the Cognos installation.<\/p>\n\n\n\n<p>\u2022 Users now have the visibility of viewing the previous closed forecast values and analyzing for reporting requirements.<\/p>\n\n\n\n<p>The retail industry is where there are millions of SKUs present. Considering this hurdle, the excel based management can be termed as a failure even before assessing the scenario. Adding up to the chaos was the 2400 stores and 44000 employees covering 70 odd brands. IBM COGNOS Enterprise Planning tool is more than capable of handling such a large organization with its multidimensional approach. Veracitiz was able to understand the exact scenario and implement the COGNOS for the best of utility.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>OVERVIEW The retailing giant is the part of a conglomerate which is having a history of 125 years. The retailing arm itself is 32 years into operation. The magnitude of the size is very much in show if we mention that the employees in the retailing arm is 44000 and the store is operating in [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[94],"tags":[],"class_list":["post-2178","post","type-post","status-publish","format-standard","hentry","category-case-studies"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>THE TRANSFORMATION STORY \u2013 Retail Industry - Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/veracitiz.com\/blog\/the-transformation-story-retail-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THE TRANSFORMATION STORY \u2013 Retail Industry - Blog\" \/>\n<meta property=\"og:description\" content=\"OVERVIEW The retailing giant is the part of a conglomerate which is having a history of 125 years. 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