Ask Approyo: How can SAP S/4HANA impact the retail industry?
SAP S/4HANA provides retail firms with a proven framework to adopt industry best practices while attaining operational excellence across financial and engagement management processes.
We have arrived in the age of digital transformation where everything is connected. Retailer CEOs need to keep up with innovation cycles that are becoming 5x–10x faster and answer tough questions:
How to build a customer experience that new competitors cannot easily replicate?
How to conquer new segments or markets?
How to create new business models to outpace existing competitors that change how to make money?
Following are three important aspects of driving your digital transformation.
First, rethink your business model and try out new territories. Retailers are leveraging their customer proximity to add services to products and to market banking and insurance products. They are extending the manufacture of private-label products, generating revenue from parking space with fuel stations, or turning into network providers for consumer health and lifestyle information. The opportunities are numerous yet often prevented by prescriptive industry practices in enterprise resource planning (ERP) systems –here we need a new dimension of flexibility and agility in the core systems.
SAP S/4HANA follows the “industry to the core” principle, meaning that various industry solutions that in the past technically excluded each other now run on one platform. This allows new capabilities and practices that extend the traditional value map and process framework –the basis for running vertically, like many fashion companies, or operating an oil and gas business on the same instance with fuel station convenience shops. Such a platform can enable a future-proof strategy.
Second, become more data driven to create insights that improve your business –for example, introduce the ability to connect, record, and report live on your business.SAP S/4HANA allows real-time insight into operational data and combines analytics with transactional capability. It removes the dichotomy of transactional versus analytical systems and allows for better decisions every time.Third, reimagine your business processes with the power of in-memory computing. Accelerate mission-critical operations, run simulations, and use embedded science to gain better control over your core processes. Move away from traditional batch processing to dialog processing and eliminate decision cycle time to take action in the moment.
Overcome siloed information and fragmented business process within the same system (in the core, finance, inventory management, and valuation components of SAP S/4HANA are harmonized into common journals), allowing supply chain people to have real-time insights into inventory and finance people to control intercompany profitability with real-time inventory evaluation.
Innovation needs Digital Transformation. Approyo can help! Don’t let the new digital world pass you by. Approyo can help your company deal with the changing world. Our SAP HANA and Big Data solutions address these important questions and more. Let us show you today! Set up a free consultation.
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