The retail industry is an ever-evolving one and finds itself having to regularly reinvent its processes to cope with the consumers’ demands for improved and/or novel shopping experiences. With consumers wanting more multi-channel buying experiences and faster end-to-end fulfilment, retail businesses are finding it tough to find an integrated solution that can provide a seamless purchasing process for their customers while addressing internal procedures such as inventory tracking and financial reporting.
The solution to such a conundrum is the use of an Enterprise Resource Planning (ERP) system. This is where Microsoft’s Dynamic 365 Business Central shines as it is an all-encompassing business management solution that works like a Software as a Service (SaaS) application. Dynamic 365 Business Central allows users to connect to and use cloud-based apps over the Internet and is customisable to meet different business goals. It is also able to grant access to real-time data, anytime, anywhere. Read on to find out what Microsoft Dynamic 365 Business Central can bring to the table for your retail business.
1. Centralised Management of Pricing and Planning
Microsoft Dynamic 365 Business Central allows users to manage all their tasks from a single platform, hence saving time and effort. With regards to pricing, the platform’s centralised model of operation is extremely efficient for retailers to do quick price settings across all their outlets without having to key in multiple entries. Updating discounts or new prices will also be a breeze. Additionally, real-time updating of stocks in the ERP system also increases visibility for monitoring inventory levels across various channels. With this, store managers can easily request for replenishment of stocks via the system and minimise business disruptions.
2. Increased Customer Satisfaction
With Dynamic 365 Business Central, it is easier to deliver a seamless retail shopping experience, as it helps businesses adapt to their customers’ changing demands. This ERP system helps gather real-time consumer requests and demands, and businesses are empowered by it to manage their expectations with appropriate actions swiftly. For example, if a customer indicates a preferred store to pick up his or her order, the retailer can review the request and initiate a transfer of stocks to ensure timely delivery. By giving retailers access to real-time information, they can better meet their customers’ expectations and serve them more promptly. The result? Higher customer satisfaction and more repeat purchases.
3. Managing Customer Accounts
Not only does Microsoft’s Dynamic 365 Business Central offer retailers a 360-degree view of their businesses, they are also empowered to utilise the platform to manage customer accounts and in the process gather and analyse critical information such as buying patterns. Having such insights is helpful as retail businesses can now customise their marketing plans according to the needs and wants of the customers, and in the process cross-sell or upsell other products. In the long run, with Dynamic 365 Business Central, retailers are better equipped to forecast trends, optimise sales, and generate more revenue.
4. Automated Inventory Management
A major problem that many retailers face is maintaining optimal stock levels. Retail businesses need to stock adequately to prevent the possibility of having a shortage of products, especially when they are very popular and flying off the shelves. With Dynamic 365 Business Central’s inventory management feature, retailers have real-time visibility of their inventory and coupled with automated stock replenishment, stores and shelves will always be well stocked. This is highly important for a brand’s image, as empty shelves are detrimental to one’s branding.
5. Business Intelligence
Microsoft’s Dynamic 365 Business Central has a built-in Business Intelligence feature that consolidates information from multiple data sources into one single central dashboard. Such data is useful as they help retailers derive a more holistic and meaningful analysis for further refinement of their business processes. In addition, this feature brings together a range of Microsoft tools, apps, and services that can help retail businesses transform large quantities of data into insight in a matter of minutes. Users can even go a step further to visualise insights and merge data from different companies for comparison.
Not only will Microsoft’s Dynamic 365 Business Central give you the relevant data and tools you will need to grow your retail business, it is also an adaptive system that learns and grows along with your business. Contact NaviWorld today to find out how you can leverage this all-in-one solution to help your retail business stay on top of the competition.
