Manage IT, Germany: Cognizant’s Senior Vice President of Analytics and Information Management Says Today’s Footwear Retail World is Fast-Paced, Technology-Driven and Complex

“Retailers who understand how judicious management and use of data can transform their businesses can not only get ahead of the competition but also stay there,” writes Karthik Krishnamurthy. “The majority of footwear retailers and manufacturers typically carry a range of approximately 40,000 lots. However, when dimensions such as size, color and seasonality are added to the mix, the number of Stock Keeping Units increases exponentially, making data management more complicated and demanding.” Excerpts:

“Shopping behavior is changing significantly, as a recent study conducted by Cognizant shows: the customer’s experience with the brand is key to success, regardless of whether online or in-store. It is therefore critical that retailers align their digital strategies with in-store processes whilst offering a high level of personalization.

Clarifying and streamlining the approach to data management and analytics can help overcome these challenges and there are steps retailers can take to stay at the top of their game.

Many footwear companies continue to rely on in-house-developed marketing databases and non-integrated sales software programs that are not controlled by any particular criteria. If data control is not well constructed, a data crash and/or faulty evaluation is inevitable.

Retailers should ensure their internal legacy systems continue to function while the new data management system is being implemented, slowly migrating from these older inflexible systems to newer ones that operate as part of a centralized data management hub.

These companies must prepare for this enormous change, not only in systems and processes but also in internal culture.

When an organization undergoes such a transition, change management must be carefully planned, and decision-makers should understand the drivers and benefits of the initiative.”

Click here to read the article in German.