#that process has accelerated rapidly as factors such as supply-chain issues and increased consumer health consciousness have called for eve

[ingredientsonline]

Understanding the Revolution: Top Trends in Food Science and Technology 

[techsciresearchreports-blog]

Digital Twin Market: Solving real world problems with Visualization

With significant advancements in machine learning technology and big data, virtual models have become a staple in modern engineering to drive innovation and enhance performance. Optimizing IoT, Artificial Intelligence, and data analytics, the virtual replicas of physical devices are created by data scientists and IT personnel before building and deploying actual devices to help predict their future with advanced analytical, monitoring, and predictive capabilities, test processes and services. The digital representation of physical objects is popularly known as Digital Twins as it takes the real-data world as inputs for making output predications or simulations of how the physical object or system would work or get affects based on those inputs. In a way, digital twin offers engineers a glimpse of what is happening or what can happen, with physical assets to meet the new realities of software-driven products fuelled by digital disruption. In simple language, digital twin refers to a highly complex virtual model that is the exact counterpart of a physical thing, which could be a car, tunnel, bridge or even a jet engine. Thanks to rapidly evolving simulation, better interoperability and IoT sensors, enhanced computing infrastructure, and more availability of tools, which is helping digital twins trend to gain a momentum.

How does digital twin integrate with the physical product?

The developers of digital twins determine the physics that underlie the physical product or system and utilize that data to develop virtual copy of the assets. The digital twin receives input from sensors gathering data from the physical product/system to simulate the physical object in real time, offering insights into performance and potential problems. The digital twin can be constructed based on a prototype of its real-world counterpart before any physical version is built. The digital twin can be simple or complicated based on the amount of data used up for building and updating it and the type of physical object. Digital twin technology incorporates the intricate process of virtual performance of elements and dynamics of the connected devices throughout its lifecycle. Demonstrating the ability to integrate the components into a single unit of operational-oriented design, digital twins ensure the superb quality of any product.

Digital twin applications

Product Prototyping

Digital twin capabilities can streamline the design process and eliminate many aspects of prototype testing using 3D simulations and human-computer interfaces such as augmented and virtual reality. The digital tool helps engineers identify potential manufacturability, quality, and durable issues even before finalizing the designs, thus it accelerates traditional prototyping, moving products into production more efficiently and at a lower cost. The digital twin can also help to gain a wealth of insights from the way customers are using a product and use that data to identify potential faults, troubleshoot from afar and eliminate unwanted functionality or components from the product.

Predictive Maintenance

The digital twins are created to transform the way companies perform predictive maintenance of products, identifying and addressing malfunctions even before they happen. Sensors embedded in the machines feed performance data into the digital twin in real time, which helps to tailor service and maintenance plans for effective asset management, enhanced worker safety, reduced risk of accidents, lower maintenance costs, and improved customer satisfaction. The best part is digital twins provide engineers a detailed and intricate view of a physical asset without needing for the engineer and asset to be in the same room, or even country. The digital twins enable smart industrial applications for real world operational developments.

Patient Care

The use of digital twin is not limited to aerospace, heavy machinery, or inanimate objects. The digital twin is now being incorporated in the healthcare industry for monitoring and managing a patient’s vital data using a biophysical model. Integrating sensor data to cloud-driven analytics, the healthcare providers can offer the effective treatment in managing the patient’s health remotely. The virtual representation of the patient’s organ allows the surgeon and healthcare professionals to analyse medical problems and practice procedures in a simulated environment.

Operational Efficiency

Leveraging digital twins, the industries can optimize supply chains, distribution, and fulfilment operations by creating virtual models of factories at different locations. The IoT sensors embedded in factory machines feed performance data into AI and machine learning applications for analysis, which is then fed into the digital twin simulations to identify opportunities for workers to optimize output and limit waste from substandard products.

Smart cities

Digital replica of the city with a virtual model of its roads, buildings and public spaces can help the city planners to better analyse and plan transportation systems, prepare for any calamities and warn the inhabitants about the pollution levels. Singapore has invested USD73 million for creating a 3D city model to build a more resilient city, enabling telecom companies to experiment with different wireless network systems for optimizing coverage, allow building owners to identify best places for solar panel installation, improve parks and evacuation routes. In India, the Andhra Pradesh government has decided its new capital, Amravati leveraging digital twin. The system will allow the city planners to evaluate design plans, monitor construction process, manage permit process, etc.

According to TechSci research report on “Global Digital Twin Market By Application (Manufacturing Process Planning, Product Design & Others), By End User Sector (Manufacturing, Energy & Utilities, Transportation & Others), By Region, Competition, Forecast & Opportunities, 2014 – 2024”, Global digital twin market is projected to grow from USD3.1 billion in 2018 to USD17.4 billion by 2024, exhibiting a CAGR of more than 33% during 2019-2024, on account of rising adoption of Industrial Internet of Things (IIoT) and use of virtual model for production line & automate the decision process. Some of the other factors expected to drive global digital twin market include rising adoption of connected devices and Industry 4.0, which refers to the application of mining and data analytics in manufacturing technologies. Moreover, rising technology demand in diverse sectors including energy & utilities, consumer goods and transportation would fuel digital twin market, globally, through 2024.

Major Technological Advancements in Digital Twin Technology

Simulation

The tools utilized for constructing digital twins are advancing in terms of power and sophistication. The task of designing and performing millions of simulation processes has become easier and efficient without overwhelming systems. With the growing adoption of digital twins, the number of vendors and range of options have increased, facilitating the advancement of digital twin technology. Even machine learning and functionality have also enhanced the depth and relevance of insights.

New Data Sources

Data retrieved from advanced real-time monitoring technologies such as Light Detection and Ranging (LIDAR) and Forward-looking Infrared (FLIR) has improved the productivity of digital twin simulations. Enabling continuous real-time monitoring, IoT sensors embedded in machinery or throughout supply chain can feed operation data directly into simulations.

Visualization

The data visualization tools have moved beyond basic dashboards as they have progressed into advanced visualization capabilities such as interactive 3D, Artificial Intelligence-enabled visualizations, real-time streaming, etc. These tools help to simplify the task of making digital twin simulations from a sheer amount of data.

Interoperability

The enhanced industry standards for communications between IoT sensors, operational technology hardware, and vendor efforts has improved the ability to integrate digital technology with real world on diverse platforms.

Instrumentation

With improvements in networking technology and security, the virtual models have become more granular, timely and accurate on real-world conditions. IoT sensors, both embedded and external are becoming compact, cheaper, powerful, and reliable, which is further helping to create detailed and precise digital twins.

Platform

Many software companies are making a significant investment in IoT, cloud-based platforms, and analytics, which can allow them to capitalize on the digital twin trend. The increased availability and access to powerful and inexpensive computing networks are the key enablers of digital twins.

Conclusion

With emerging technology, the potential of digital twin in every industry is endless. Digital twins have the potential to empower the shift to automated and iterative manufacturing to serve the modern day needs. Previously independently operating departments across operations, maintenance, sales, finance, and marketing can now leverage digital twins to access a unified source of real-world data for improved design, understand usage and adjust pricing. Going forward, digital twins will emerge as one of the crucial IT tools for the digitization of industrial marketplace and affect the social and political landscape of many countries.

According to TechSci research report on “Global IoT Device Management Market

By Component (Software v/s Service), By Deployment Mode (On-Premise v/s Cloud), By Organization Size (Large Enterprises v/s SMEs), By Application (Smart Retail, Connected Health, Connected Logistics, Smart Utilities, Smart Manufacturing, Others), By Company, By Region, Forecast & Opportunities, 2026”, Global IoT device management market is expected to grow at a robust rate of around 22% during the forecast period. The global IoT device management market is driven by the increasing incidences of cybercrimes and cyber threats which has led to the increase in security concerns within enterprises. This in turn increases the need to deploy IoT solutions for ensuring organizational safety and security thereby driving the growth of IoT device management market during forecast period. Additionally, increasing penetration of communication and networking technologies further fosters the market growth. Furthermore, the extensive adoption of sensors is expected to create lucrative opportunities for the market growth through 2026. However, lack of IT infrastructure and finances in the emerging countries can hamper the market growth over the next few years. Moreover, lack of standardization also impedes the market growth.

[orbemnews]

62% of mid-sized manufacturers have unmet needs for their risks - QBE Find out more: Learn everything you need to know about QBE North America here Overall, “The key risks [highlighted in the survey] were the pandemic risk, digital risk, financial risk, liability risk, and reputational risk,” said John Beckman, QBE North America’s chief underwriting officer, highlighting the pandemic threat specifically. “From manufacturers’ standpoint, how they keep their business open and how they keep delivering their products to their clients was top of mind, [as] was employee and consumer safety, but also the impact on the supply chains – were the partners who provide the parts and materials they need for their products going to be able to meet their commitments?” Notably, at the time of the survey, which was conducted in mid-2020, the pandemic was still relatively new and extremely concerning, continued Beckman. Now, as vaccinations are rolling out, manufacturers’ pandemic-related concerns may have eased somewhat, though there is still significant uncertainty around economic recovery, and the effectiveness and speed of vaccination programs. Concerns around COVID-19 vaccines are particularly relevant when it comes to manufacturers’ employees, since factory workers are not likely to fall into the categories of people who get priority in the vaccination process. In turn, concern about employee safety, which was the top risk that survey respondents revealed they were worried about with regards to the pandemic, will likely remain elevated in this sector throughout 2021, noted Beckman. When it came to manufacturers’ digital risk concerns, 71% of respondents selected cyberattacks and breaches as concerning to their business. The recent discovery of the SolarWinds breach is just the latest example of the danger, commented Beckman. “As manufacturers further digitize their operations and expand the use of internet connected sensors and controls, the number of potential attack points will continue to increase, potentially making them more vulnerable to ransomware and other attacks,” he added. “Meanwhile, the weakest point continues to be the human element, with phishing and spearfishing attacks growing ever more sophisticated, and increased remote working introducing new points of vulnerability, making employee education critical.” The report also pointed to the macro and microeconomic risk concerns of manufacturers, which, considering the effects of the pandemic on economies around the world, included fears of recession/economic downturn, tariffs/trade restrictions, fluctuating interest rates, commodity price increases, and exchange rate/foreign currency volatility. “At the time of our mid-year survey, the unprecedented combination of a decline in production and rise of unemployment had many manufacturers concerned about the risk of recession,” said Beckman. “Given the strong economic recovery in the third and fourth quarters of 2020, the fear of recession has likely abated. The Fed’s intention to keep interest rates low may have also eased fears about fluctuating interest rates.” He added that it’s more challenging to speculate about the future of tariffs and trade restrictions or commodity prices because the change in the US federal administration, and the impact of this on trade and regulations, could be more significant in 2021 than the pandemic. Outside of the coronavirus, factors like social inflation and its impact on liability risk have been worrying manufacturers, as reflected in the QBE report. Product liability was the top concern raised by manufacturers in the survey, with worker health and safety, as well as aviation, professional/management and auto liability close behind. “Social inflation – the general trend towards a more hostile view towards businesses and increasingly aggressive activity by the plaintiffs’ bar – has contributed to increased liability risk for decades, and it has really accelerated in the last five years,” said Beckman. “For manufacturers, this trend affects their greatest concern for liability – product liability.” In fact, product liability was also the top factor in manufacturers’ reputational risk concerns, with 62% citing poor product quality as a risk. “The business of manufacturers is to make and sell physical products, so it makes sense that product liability and quality rose to the top for them. Other types of companies in our survey, such as financial institutions, did not rank product factors so highly,” noted Beckman. “When we work with manufacturers, one of the key areas we can help them with is on product safety. Our trained loss control consultants can offer risk assessment and control services to help companies minimize the risk of product liability and errors and omissions liability.” QBE is active in addressing the risk needs of manufacturers in other ways as well, such as on the digital risk side, where the relative newness of cyber coverage as a form of insurance and the rapidly evolving nature of the cyber threat could be contributing to their digital asset protection needs being unmet. QBE offers a base level of cyber coverage in its property form for manufacturers, and then additional coverage in standalone forms that work best as part of a broader program of protection. “Importantly, it is key to not only offer coverage but also provide access to pre- and post-breach services, and other value-added services that can help mitigate the risk,” Beckman told Insurance Business. Manufacturers who purchase employment practices liability insurance from QBE also get complimentary access to professional services that can advise on specific employee issues, as well as help build employment policies, guidebooks, and employee training to navigate the complex and rapidly changing regulatory environment for employment practices. Other services for manufacturers offered by QBE involve business continuity. The past year has revealed how critical it is to prepare for the unexpected, and, in this environment, “It’s critical for manufacturers to have a strong business continuity plan,” explained Beckman. “Our loss control experts can assist companies in developing a plan to promote worker and customer safety during a disaster while maintaining business continuity.” As manufacturers face an evolving risk landscape in 2021, their best bet is to go with an insurance partner that can provide them with tailored and well-rounded products and services, backed by deep industry expertise. “A focus on price may drive many manufacturers to generalist insurers that may not have the underwriting expertise to really tailor insurance programs to their specific needs,” said Beckman. “By contrast, we focus on a specific set of industries, manufacturing being one of them, to bring specialized expertise in how we craft coverages and deliver claims and value-added services.” Source link Orbem News #manufacturers #midsized #QBE #Risks #unmet

[cybersummit]

The Most Important Strategies That Actually Increase Your Business Continuity

Worried about your business failing due to COVID-19? Resilience is critical for leaders today, and it will prove to be a crucial measurement for measuring success over the next years. Here are 3 potent methods to build resilience planning into your business to endure and get rid of 2020 and beyond.

Strategies to Make Your Business Resilient

Concerned About The Future? Rest Easy!

In this series, I will show you how to safeguard your company and reputation against the impacts of the coronavirus pandemic and discuss a few of the practices, programs, resources, and strategies that are offered to small company owners, soloprenuers, and gig economy employees.

Business Continuity and Resilience Planning

In this post, I'm going to discuss what "business resilience" indicates and why it's vital to get management in your organization concentrating on business resilience planning before an emergency situation.

I'll likewise propose 3 nimble techniques for constructing resilience into your organization now that could assist your business endure the next international pandemic.

Twenty-twenty will definitely decrease as one of the hardest years a number of us have faced in our life times. For me, 2019 was right up there. I lost my daddy, my pet dog, and a brand-new service within the latter 6 months of the year.

Geopolitics, economic downturns, and various other elements can have significant results on your functional capabilities and efficiency.

Consumer costs in the United States fell by ~ 20% during the first two months of COVID-19's accelerating spread, according to the US Department of Commerce, while the pandemic also interrupted ~ 75% of supply chains, according to the Institute for Supply Chain Management.

Economic Disruption and Natural Disasters?

Even prior to the novel coronavirus, many organizations were having a hard time to plan for, respond to, resume speed and equal technological modification.

Sarah Bond and Gillian Shapiro of the Harvard Business Review conducted a study of 835 employees from public, private, and nonprofit firms about what was taking place in their lives that needed resilience. What did they identify? They didn't indicate tragedies or the economy-- they pointed to corporate culture and their colleagues.

Social Dynamics Caused the Biggest Drain

Comprehending that, in times like these, the secret to moving forward is thinking favorable (albeit challenging), and becoming resilient. While I've been working on my own personal resilience, I've also been striving to make sure that my relationships, my other companies, and my neighborhood and environment, are gotten ready for unforeseen difficulties and adversity.

As Diane Coutu reports in "How Resilience Works":

You can bounce back from challenge with just one or two of these qualities, however you will just be really durable with all 3. These three characteristics hold real for durable organizations as well ... Resilient individuals and companies deal with truth with staunchness, make meaning of difficulty rather of sobbing out in misery, and improvise services from thin air.

Why is resilience in business essential?

It suggests your business makes it through-- or perhaps thrives-- when others are failing.

Resilience Reduces Stress

Resilience is a term frequently used in psychology to explain "the procedure of adjusting well in the face of misfortune, injury, disaster, dangers or substantial sources of tension."

Establishing an Increased Capacity to Identify Additional Sources of Stress Builds Resilience

For individuals, resilience implies you recover (rather than breaking down) after a crisis (like relationship difficulties, health issues, work conflicts, or monetary problems).

Resilience will not get rid of threat or solve your issues, but it can offer you the opportunity (and clarity) to see past them while much better managing your tension levels.

Continuity Planning Recession-Proofs your Business

Miriam Webster specifies resilience as the "capability to recuperate from or adjust easily to misfortune or modification."

SearchCIO extends this definition, keeping in mind that "business resilience is the capability an organization has to rapidly adjust to disturbances while keeping constant service operations and safeguarding people, possessions and overall brand equity."

Business resilience planning is also often referred to as business continuity planning , and is an evaluation of the sustainability of an offered company.

In the past, I taught week-long courses to skilled Fortune 100 companies and their executives on disaster recovery and facility and business continuity planning in the enterprise, with a wider focus on information, computer, and network security.

For these organizations, business resilience implies executing digital systems and processes to ensure business continuity, while using products or services that stay (or ended up being) desirable in the face of international occasions, financial instability, or hazards to an organization's core operations.

" In the face of a crisis or economic downturn, resistant organizations ride out unpredictability rather of being subdued by it."-- McKinsey Quarterly

During the last slump, McKinsey & Company traced the courses of more than 1,000 openly traded business in different markets and with different maturity models, and found that only about 10 percent of those companies fared materially better than the rest.

While the last downturn was serious, some business grew despite present risks

They discovered some fascinating parallels in how sustainable companies would weather a storm: how they prepared for them, how they acted throughout tougher stages, and how they came out of them.

With most of these organizations relying greatly on data, analytics, and automation, it ended up being clear that digital technologies will prove to be an increasingly vital component of business resilience tomorrow.

Still, one core insight prevailed: the business that endured-- those that demonstrated real resilience-- moved early, ahead of the slump. They began preparing early, their numbers dipped less, and they triumphed.

" When the economy began heading south, what identified [them] was profits, not revenue. By the time the recession reached its trough in 2009, the incomes, determined as incomes prior to interest, taxes, devaluation, and amortization (EBITDA), of [these companies] had actually increased by 10 percent, while market peers had lost almost 15 percent." A resilient business reacts swiftly to take on crises, recuperates from difficulty so that it can outshine its competitors, and transforms itself to stay ahead of peers in the future.

In the previous 4 declines considering that 1985, just about one in seven business increased both its sales growth rate and its profit margins, according to a 2019 BCG study. These companies grew sales by 14% more and enhanced their margins by 7% more than the 44% of companies in distress that declined on both parameters.

" A business needs to embed resilience in every element of the organization, from its go-to-market approach to its operations to its most crucial infrastructure. Vulnerabilities in any area could affect the business's ability to flourish and make it through," states BCG.

The 3 Fastest Ways to Make Your Business Resilient

In their research study, McKinsey & Co recognized 3 core methods that helped these companies prevent downtime and create this profits benefit:

They created a security buffer by cleaning up their balance sheets prior to the dip A lot of business cut expenses ahead of the curve They concentrated on growth, even if it meant sustaining costs

While helpful, these methods can be a bit tough for smaller sized organizations to do something about it on. For optimal effect, my objective in this post is to cover 3 methods that business owners at most business will find:

simple to comprehend, ( reasonably) easy to execute, and repeatable across various verticals.

It is this combination of aspects that makes these strategies efficient for creating business continuity. And tested methods can help reduce the sources of stress that test your resilience in the very first location.

The 3 methods that match all of these factors are:

Recurring Revenues Productized Service Offerings Automated Client Acquisition

Strategy 1: Recurring Revenues beget Business Continuity

While this first technique may appear a little "on the nose," the reality is that a lot of you are running pure service organizations that depend on you to repeatedly "sell" every job to each and every customer, each and every time they need your aid (I understand since I asked).

When you change to a recurring model, you're automating the extension of a service over a period of time (be it every quarter, week, or month), and with it, increasing your CLV (consumer life time worth).

Knowing that, it's easy to comprehend why automating repeating profits is one of the most effective ways to create resilience in your business, regardless of your business model, and it's a strategy everyone need to consider.

It might not be as simple as simply altering your billing frequency however, since consumers will need a motivation to transfer to a repeating payment model.

You'll have to adjust your pricing, use annual or quarterly discount rates for advanced renewal, and productize your service offerings to make it simpler for clients to comprehend what they're purchasing, and why they ought to pay in advance.

Which brings us to strategy 2 ...

Strategy 2: Productize Your Service Offerings, Now!

Stop Trading Time for Money Whether you're making a living as a freelancer or expert, or running a standard "service organization," you are trading your hours for dollars. If you have a a group, your organization likely still depends on project-to-project earnings to keep the lights on.

Even when your consulting business is thriving, you still just have so much time to exchange for money. This makes it really difficult to scale, and is a huge reason many service business are not resistant.

While service businesses are probably the most convenient to start (and can be a few of the most lucrative, at scale), they're likewise typically the most hard and costly to grow.

To have the ability to keep growing as you rapidly adapt, you require to:

continuously discover, inform, and transform brand-new client leads, thoroughly qualify those cause offer them high-ticket offerings, constantly handle new customers, even when your abilities and time are restricted.

By productizing your service offerings, you can reduce your sales cycles while automating 80% of the acquisition and credentials processes.

What does it mean to productize your service offerings?

From your customer's point of view, it usually means a "done for you" option with a strong value proposal at a set cost and with a predefined scope.

From a company owner's point of view, a productized service is one that runs systematically, scales geometrically, and continues to grow and produce profits with or without your continuous care and feeding. That is how you develop resilience into a service business and grow as your competitors flail.

To be successful in productizing your company, you don't need to use more services, you just require to offer better ones.

Technique 3: Automate Your Client Acquisition

The final method, and the one that increases the effectiveness of both of the previous strategies, is that of client acquisition automation.

In general, there are 3 unique stages of client acquisition, each of which can generally be enhanced with automation:

Initial Lead Generation Comprehensive Lead Qualification Ongoing Lead Segmentation

By automating each of these 3 stages, you create a "funnel," where hundreds of thousands (or perhaps millions) of potential prospects enter the top of the funnel, and as you strategically qualify, section and support those potential customers, hot leads come out the bottom, all set to buy your repeating, productized service( s).

This is the essence of what the marketing world refers to as a "sales funnel," and we'll enter into more information on each of these stages in the 3rd installment.

This post is deliberately light on tactics and heavy on strategy, and it's indicated to make you think of what you've been doing up to now.

Throughout the remainder of this series, my objective will be to assist you produce resilience by guaranteeing your company:

Exists in a growing market Concentrate on repeating incomes Doesn't count on loopholes Automates various human activities Concentrate on high ticket sales Provides results quickly

Whether you understand it or not, resilience is the crucial to longevity, scalability, and ultimately, the success of your company.

Does your service have a recurring earnings stream?

Are your services already productized?

Are you using systems to automate your client acquisition?

Do you have a great foundation to develop resilience in your business?

Resilience is leading of mind for leaders today, and it will prove to be an essential dimension for measuring success over the next years. Here are 3 effective methods to build continuity planning into your business to overcome and endure 2020 and beyond.

I lost my papa, my pet dog, and a new organization within the latter 6 months of the year.

Sarah Bond and Gillian Shapiro of the Harvard Business Review carried out a study of 835 workers from public, private, and nonprofit firms about what was taking place in their lives that required resilience. These three qualities hold real for durable organizations as well ... Resilient people and business deal with truth with staunchness, make significance of hardship instead of crying out in despair, and improvise services from thin air.

[ginesys-erp]

How to Pick the Right Retail Management Software

In this highly competitive market landscape, retail businesses are always on a lookout to improve their efficiency and cost model. To stay a cut above the rest in this rapidly growing market, retailers are shifting towards adoption of newer technologies to drive growth and profitability. The accelerated adoption of retail management software has paved the way for retailers to manage fluctuating consumer aspirations and build a convenient retail business landscape.

Choosing and implementing retail software solutions is not a cakewalk. How should retailers understand what is the best software for a retail store? There are endless options with a host of brands and vendors offering retail management systems to businesses to make their life easier. But there are a lot of factors that come into play when decision makers finally consider investing in a retail management software that will be the best fit for the particular type of business.

The Need for Retail Management Software — ERP for Retail Industry

As retail businesses start to scale and venture into newer dimensions like online marketing of products and app-based sales, they need a software solution to take stock of their entire business process. With retail ERP solutions, understanding and managing every aspect of the business has become easier for retail business owners.

Here is why your retail businesses need ERP software — 6 Signs that you Need a Retail ERP Software

Enterprise Resource Planning (ERP) allows retailers to consolidate all the data from all disparate departments and store locations into one single database. Here is a list of retail verticals that retail ERP software seamlessly takes care of without the need for manual efforts:

1. Retail planning with insights into key performance indicators

Modern Retail ERP software provides retail businesses with the metrics required to understand the overall business performance. With proper analysis of the key performance indicators, retailers can plan a better business strategy.

Learn more about Retail KPIs and metrics — What are the top 10 KPIs for your retail business and how you can track them.

2. Streamline operations for proper store management

Merchandising, deciding the store layout and product arrangements are a crucial part of the retail business. Retail ERP software helps to ease retail management by managing inventory, sales, revenue and workforce.

3. Inventory management across channels

Merchandising, deciding the store layout and product arrangements are a crucial part of the retail business. Retail ERP software helps to ease retail management by managing inventory, sales, revenue and workforce.

4. Supply chain and warehouse management

At the warehouse, operations can get messy. By incorporating a retail POS system and retail ERP, business owners can have a consolidated view of every warehouse operation. The right retail POS software also helps retailers with distribution and franchise management, thus removing any supply chain bottlenecks.

5. Forecasting product demand based on past sales and seasons

In the retail business, product demands fluctuate depending on the seasons and customer preferences. Retail ERP software is a smart tool to incorporate in the business landscape to understand and determine which products will be sought after in the following season. This way, retailers can plan ahead and stock up the necessities.

6. Customer management with pro-shopper capabilities

Merchandising, deciding the store layout and product arrangements are a crucial part of the retail business. Retail ERP software helps to ease retail management by managing inventory, sales, revenue and workforce.

7. Finance management

Retailers need to manage their finances and have their business financial health at their fingertips. With the help of a retail ERP system, retailers can keep track of the business cash flow through the centralized database.

8. Database integration

The retail ERP software is the central hub of the entire business. Every aspect of the business — finances, inventory, sales, employee and customer management — can be tracked and monitored using modern retail ERP systems.

Learn more about Retail KPIs and metrics — What are the top 10 KPIs for your retail business and how you can track them.

Optimize Your Retail Business Operations

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Retail Management Software — Best Features to Look Out For

1. Analytics and Reporting

With the dynamics of the retail ecosystem changing every day, retailers need to look for new ways to stay on top of their business transactions, inventory availability and sales performance. Modern retail management software provides detailed analysis reports of the key performance metrics, allowing retailers to have a bird’s eye view of the entire business performance. When looking for retail management systems that support retail POS software and retail ERP systems, go for the solutions with the following offerings:

Retail management software providing insights into the month, store and product-wise performance reports

Retail POS system and ERP software for the retail industry that gives retailers a comprehensive view of productivity, employee efficiency, and revenue

Retail management software that lets the retailers keep tight control across all the margins by offering detailed insights into products, stores, and vendors that are causing losses

With price-point analysis on your fingertips, retailers can make almost accurate forecasts and chalk out better business plans and roadmaps. Look for retail management software that provides you with an ample amount of data needed to understand where your business stands in the market and thus make optimize planning.

2. E-Commerce Integration

The sales channels for retailers are now not just limited to the traditional brick-and-mortar stores. With businesses taking to the internet, retailers too have expanded their sales horizons shifting towards online sales and e-commerce. Retail management software comes integrated with e-commerce channels to help retailers manage all the sales channels through a single system.

Invest in retail software that offers online inventory sync, dashboards for an integrated view of the business performance across all channels. Your retail management software of choice has to conform to the idea that the retailer has to be where the customers are and not vice versa. Go for retail management systems that lets you manage mobile apps, websites and physical stores from one single platform.

3. Point of Sales Systems

Retailers may need to manage a lot of customers in a day. Traditional cash registers and excel sheets are not the answer anymore to deal with the influx of customers and payments. Retail billing software solves this issue for the retailer by managing and tracking all payments, receipts, due dates of bill payments and other transaction histories.

Learn more about retail POS systems — 8 Must-Have Capabilities of Retail Point of Sale Software.

What is the best retail POS system? Go for the retail management software that has retail POS integrated into the system. With this facility, retailers can stay on top of their finances and manage all payments at the store checkout. Your retail POS system of choice should have the following characteristics:

The retail billing software that is easy-to-use and user-friendly and will not require too much time to onboard employees

The retail POS system should also provide the option to automate data sync to make all the transactional information available at a single platform

Retail management software that has integrated retail POS should allow retailers with effective retail inventory management

To make the customer experience smooth, go for retail billing software that supports authenticated digital wallet transactions

How can retail POS software make daily business easy for retailers? Read here — How retail POS software facilitates workflow for small businesses.

4. Retail Inventory Management

Retail businesses have a lot going on, on a daily basis. As the business scales, new products and items are added to the shelves to cater to the growing customer choices and expectations. This makes retail inventory management a priority. Before investing in retail management software, business owners should make sure the product also supports inventory management.

What is the best inventory management software for a store? Here are the features to look out for:

The retail inventory management system should deliver a clean and flexible item master to help retailers stay organized with their inventory and stock

Managing the warehouse can be difficult for retailers. The retail management software of choice should support warehouse management features like creating and assigning racks and bins, picking, packing and shipping against multiple orders

Retail management software that has integrated retail POS should allow retailers with effective retail inventory management

With the help of the retail inventory management system, retailers should be able to keep track of the unmoving products, deadstock, items that are driving the most sales and those that are perishable and needs to be sold fast

Read more about retail inventory management practices: How to Incorporate Barcode Software to Better Manage Retail Inventory.

In Closing

The lines between retail channels are clouded and customers want their needs fulfilled on the channel of their choice. With these changing dynamics in the retail industry, retailers also need to change the way daily business is conducted. The adoption of retail management software is increasing among retailers, big or small and with the all-integrated approach of retail management systems, retailers can gain deep insights into their daily operations.

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[ingredientsonline]

Understanding the Revolution: Top Trends in Food Science and Technology