The jostling for space and eye balls in Dubai’s retail environment is a tough as nail assignment. Success can be short lived and literally marked from one weekend to another. But, the silver lining is that failures too succumb to the same timelines! How can one try and get that elusive lead in retailing and maintain it over a substantial time frame? To be objective is critical. And more importantly is your ability to improve your business on those stated objectives.
“If you can’t measure it, you can’t improve it,” has become another of quoted phrase in the business world. Most management will agree that measurable outcomes is what defines any business stratagem.
Business metrics and its importance
Every business must first state its own concept of success. This is not limited to the amount of money a business makes although that is of paramount importance. Success can be defined on various scales and verticals. HR, SCM, ethos, transparency all form part of your success mantra. A holistic approach would be to ensure you get as close to your definition of success as possible across all verticals.
Bench marking the competition
A successful retailer needs to be able to measure how well it is performing against its rivals. This process, called competitive benchmarking, is extremely valuable because it allows companies to look at the performance of key processes in the business and compare them with similar processes in its direct rivals.
Competitive bench marking has traditionally been a capability that only the largest companies have been able to access. It is costly and time-intensive as it typically requires anonymous bench marking studies conducted by consultants. Nevertheless, the principles of competitive bench marking can also be applied to smaller data sets that do not require access to proprietary data from industry rivals.
Openbravo Competitive Assessment Tool for Retailers
This method has been used to develop Openbravo’s new Competitive Assessment Tool for Retailers. At Inovate, we recommend and promote this tool for all our clients and partners.
For more details on the Competitive Assessment Tool please call us on +971 (0)4 359 1320.
We adopted the quiz format to make the assessment tool quick and easy to use. And we went to considerable effort to ensure both the relevance of the questions and the validity of the scoring system used to determine the degree of competitiveness.
The 15 questions cover enough areas and are sufficiently granular to give a realistic picture of how the retailer is performing against its industry peers on five key fronts: customer experience, product and pricing, order fulfilment, inventory management, and technology.
So if you have often wondered how you measure up against your rivals, now is the chance to find out! Click here to start the assessment.
Inovate recommends OpenBravo for business ERP. For specific queries relating to ERP implementation please call us on +971 (0)4 359 1320.