Control the uncontrollable. How much can a good PLM capture?
Controlling the Uncontrollable in Retail – sounds promising, but is it truly achievable?
Before we take this boundless control, it’s essential to consider: what exactly does “uncontrollable” mean, and which elements can fall under our control? Let’s dissect this step by step!
Market Launch:
The uncontrollable often appears during the creative phase. How do we measure the work of creative minds, like designers? While not every aspect of their work is tangible, through PLM (Product Lifecycle Management) analysis of historical data, we can define KPIs related to project duration and efficacy.
This enables us to determine which projects are proceeding more smoothly for specific design teams and where a larger time buffer is necessary.
Deliveries:
Which supplier should be chosen? Supplier No. 1, who recently shipped a defective product but promptly addressed corrections? Or Supplier No. 2, who delivers superior quality products but responds more slowly? PLM provides data regarding delivery times, defect quantities, and responses to them, aiding in making informed decisions and determining which product elements require more quality control attention.
Now you know which supplier to order, for instance, jackets, and which one will better manage a batch of trousers. While experienced employees may, over time, mentally encode which contractor to assign which product, wouldn’t it be better to rely on solid data?
Delivery Challenges:
PLM enables a swifter response to issues, ensuring the in-store collection remains a cohesive unit. Let’s Suppose some products don’t arrive, and your collection may be incomplete – but hey! Other products that can match the collection style will arrive!
In such a scenario, you manage and merge products from various collections in a manner that still provides the customer with a full, meticulously considered collection!
Sales Forecasting:
Using algorithms and AI, we allocate resources based on forecasts, comparing our plans with actual results. Is it sufficient to ship a product to a region where it sells better? Or plan a promotional campaign? Perhaps withdraw a product from the market? Data-driven decisions are our key to success!
What are your experiences in controlling what seems uncontrollable?