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RFID Seen Playing Key Role in Helping Retailers Reengineer Inventory Fulfillment Processes
Lean in-store execution, enabled by radio frequency identification, can radically improve retailers' ability to increase sales while improving inventory control, white paper asserts
Speaking from Oracle Retail CrossTalk, IDC Retail Insights research director Leslie Hand says the recent economic downturn caused retailers to set new priorities and adapt their IT programs to deliver immediate results where they need them most, in this video posted by oracleretail on July 08, 2009.
Dallas — January 26, 2010 — The best examples of lean retail execution stem from a reengineering of inventory fulfillment processes that leverage radio frequency identification technologies, asserts a new white paper from IDC Retail Insights.
The paper, "The Lean Enterprise," by Leslie Hand, research director with the advisory services and market research firm, explores the integral role of RFID-enabled systems in creating a lean enterprise, specifically in the retail store.
Sponsored by Xterprise Incorporated, a provider of item-level RFID solutions for retail, the paper presents a model for lean operations in retail and examines benefits data and adoption challenges and highlights retail case studies.
From uniquely identifying every article, expediting inventory counts and inventory accuracy, and incorporating fulfillment logic to drive highly accurate sales floor replenishment tasks and demand-driven order processes, RFID enables the streamlined operations retailers require, the white paper suggests.
Lean in-store retail execution radically improves the ability of retailers to surpass customer expectations in store and increase sales while reducing inventory control costs and reducing shrink, according to the research.
Based on this newly published data , retailers with the leanest execution capabilities will have the tools to meet the high expectations of today's consumer; those without will be at a disadvantage, forced to cut costs or service levels to meet customer expectations.
Inventory in "High-def"
While in-store inventory management has not changed dramatically in many years, RFID-enabled item-level visibility makes a whole new paradigm possible, transforming the detail of retail, according to the paper. Item-level RFID, in effect, creates a "high-definition" view of inventory levels for the retailer and drives significant value creation.
To date, much hand-holding was required to get an RFID systems-related initiative off the ground; however, the standards, technology and technologists have matured considerably, making now the time to invest in RFID-enabled processes, the paper asserts.
The business benefits reported include higher customer satisfaction, increased revenue, reduced labor, and reduced shrink. Retailers with good business cases and an achievable implementation plan may be viewed as fiscally irresponsible if they do not move forward, given the significant benefits at stake, according to the paper.
The paper, "The Lean Enterprise," by Leslie Hand, research director with the advisory services and market research firm, explores the integral role of RFID-enabled systems in creating a lean enterprise, specifically in the retail store.
Sponsored by Xterprise Incorporated, a provider of item-level RFID solutions for retail, the paper presents a model for lean operations in retail and examines benefits data and adoption challenges and highlights retail case studies.
From uniquely identifying every article, expediting inventory counts and inventory accuracy, and incorporating fulfillment logic to drive highly accurate sales floor replenishment tasks and demand-driven order processes, RFID enables the streamlined operations retailers require, the white paper suggests.
Lean in-store retail execution radically improves the ability of retailers to surpass customer expectations in store and increase sales while reducing inventory control costs and reducing shrink, according to the research.
Based on this newly published data , retailers with the leanest execution capabilities will have the tools to meet the high expectations of today's consumer; those without will be at a disadvantage, forced to cut costs or service levels to meet customer expectations.
Inventory in "High-def"
While in-store inventory management has not changed dramatically in many years, RFID-enabled item-level visibility makes a whole new paradigm possible, transforming the detail of retail, according to the paper. Item-level RFID, in effect, creates a "high-definition" view of inventory levels for the retailer and drives significant value creation.
To date, much hand-holding was required to get an RFID systems-related initiative off the ground; however, the standards, technology and technologists have matured considerably, making now the time to invest in RFID-enabled processes, the paper asserts.
The business benefits reported include higher customer satisfaction, increased revenue, reduced labor, and reduced shrink. Retailers with good business cases and an achievable implementation plan may be viewed as fiscally irresponsible if they do not move forward, given the significant benefits at stake, according to the paper.
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