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Businesses today are challenged with constant disruption – and the retail industry is no exception. Every day, suppliers and retailers alike face pressures to innovate by bridging the gap between consumer expectations and supply chain realities.
The task of coming up to speed on something as game-changing as omni-channel retailing may seem like a tall order, but it is certainly not insurmountable with the solutions and support available to both sides of the retail community. As a whole, the industry is evolving into this new era of commerce and industry collaboration provides the opportunity to lead innovation rather than arduously playing catch-up.
What are the benefits of industry collaboration?
The topic of collaboration is nothing new – it has always been a valued business strategy. However, in today's rapidly changing marketplace, it is now more of a requirement for those who wish to address inefficiencies for their own companies, learn from businesses similar to theirs, and reach common goals to help their entire industry thrive.
A recent Accenture study found the potential first year value of improved retailer – supplier collaboration could total up to $50 billion in reduced working capital spending, up to $125 billion in reduced operating expenses, and up to $90 billion in reduced manufacturing and distribution costs.1 Figures like these signify how powerful industry collaboration can be in terms of reducing costs and streamlining operations,
and suggest why trading partners might be more inspired than ever to ask each other to participate in a standardized system approach rather than operate through their own proprietary siloes.
