The Digital Transformation of The Retail Business Model – Part 3
Benchmark Report
December 2023
Brian Kilcourse and Steve Rowen, Managing Partners, RSR Research
IORMA Advisory Board Members
The Authors of this FREE Report discuss the results of their Research in the video which appears below and also below is the link to download the full FREE Report and FREE eBook:
33.48 Minutes
Further to the initial results of the Survey as contained in the videos The Digital Transformation of The Retail Business Model – Part 1 and Part 2, this Part 3 Video which appears above expands upon the following findings from the Survey:
Organizational Inhibitors – What Stands In The Way?
- Retailers Are Profoundly Uncomfortable That Their Future Is IT Dependent!
- How To Get Around It? Use The Insights From Data & Analytics To Show the Way Forward!
Retail Winners Take The Lead
- Winners Say “More Please!” – ‘Necessary’ technologies to implement a digital transformation strategy
- Retail Winners Are Far Ahead
- In the Long Run… Where does your company expect to see long-term value in terms of organizational responsiveness to IoT-generated data?
Report Recommendations
- Rethink RFID’s Role. The ability to derive insights from RFID-provided data has improved exponentially. It is time to let go of past perceptions.
- Put Aside The Why Digital transformation is not the typical retail technology implementation. The usual metrics of fast ROI doesn’t apply. This isn’t about competitive advantage: this is simply about the ability to survive long enough to play the next round.
- Join The Modelling Revolution. Digital transformation and the technologies it employs offers the ability to predict all kinds of unforeseeable patterns before they occur – to model future states – and react to them faster once they do. Don’t miss out.
- Seek Out Flexibility. The paramount need-to-know what inventory is available– and where it is– is just the beginning. How quickly a retailer can get inventory where it is needed most – in real-time – is a lesson in the importance of flexibility.
- Think Small To Think Big. Digital transformation is not an all-or-nothing, sweeping endeavour. It is the culmination of many small projects tied together under a common set of well-defined goals.