Top 5 strategies for grocery retailers to start on a tech transformation
Updated: Jul 22, 2021
To get started on a tech transformation in this digital age, grocery retailers are following these strategies:
Accept the change as a company-wide transition. An enterprise-wide strategy, rather than being limited to certain tasks, will optimize impact and avoid the change from causing distinct cultures within the organization.
What matters is measured. The fundamental purpose of IT should be to boost core company growth and productivity, which is significantly more important to the bottom line than saving a few tenths of a percent on IT costs. Many IT companies, on the other hand, are judged only on the basis of cost against income. Top executives should concentrate on business effect, and IT leaders should ensure that their employees are held to the same standards as their business counterparts. IT cannot measure itself exclusively by IT KPIs in order to be a true business partner.
Concentrate on tech prospects with the greatest potential for profit. Companies should explore establishing minimum viable products to demonstrate value fast and generate desire for change, as there are an infinite number of enhancements that might be made. It's crucial to pick the right "battles": attempting to execute change everywhere will have little overall influence. As a result, the focus should be on executing a few things well that generate tangible value and the potential for a self-funding road map.
Reduce the time it takes to plan technology. Moving from an annual planning cycle to a monthly or quarterly flexible planning model enables for rapid prioritization and DE prioritization of goods based on their capacity to generate value
Hold your whole leadership team responsible for technology transformation in their respective sectors. True agile transformation necessitates collaboration across functions and silos from the entire board, the C-suite, and their teams.
Grocery stores have a good opportunity to take use of the technology's innovation potential. The key to success is not to choose one solution over another; rather, it is to enhance the organization's capacity to drive change by collaborating with tech executives and other departments. The epidemic drove a new level of collaboration at a pace and scale that had never been seen before, and teams should learn from their mistakes as they plan their path toward a tech-enabled future.
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