With all of the channels for retail sales, businesses must find the best ways to process product, supplier, and consumer information to stay competitive. By successfully managing and leveraging operational knowledge, companies can increase profits, reduce risk, and make smart decisions. Here are five ways to leverage product information:
- Speed up the time it takes to bring a product to market by using an information management platform to gather all of the data about the product.
- By providing accurate and complete information about your products, you can decrease returns that eat 2-3% of profits, often caused by insufficient information not product defects.
- A strategic information management platform allows a company to have an accurate overview of what exactly is in stock and where.
- Streamlining information coming from suppliers is essential, especially for retailers selling thousands of pieces of merchandise. One company found implementing a strategic information management platform, cut onboarding costs from $200 to less than $3 per item.
- Smart information management makes cross selling and upselling easy for sales and customer service representatives.
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