5 ways Business Performance Management helps retail networks succeed
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Written by Ben Miller
Business Performance Management (BPM) is an ongoing cycle of strategy, tracking, analysis and adjustment. It starts with the identification of strategic business goals, which are then facilitated through operational planning and goal setting within different departments. We look at 5 ways this can help retail networks to get a leading edge.
What makes your retail network special? The talent and passion of your teams? The experience and insight of your executive team? The trusted brands that you sell? While these all play a part, their contributions can all be enhanced with Business Performance Management (BPM) tools.
The right BPM software can help you leverage data from across your network, and use it to create a framework for operational excellence.
Here are 5 ways BPM can help retail networks succeed.
1 – It makes your data accessible to the people who need to see it
The right data can help to highlight the path to success. But good data is worthless if you keep it all to yourself.
BPM makes your data securely accessible to everyone in your company. From there, it’s simply a matter of using assignability options to provide access for the people that need it.
BPM can provide data insights in a way that is readily accessible for non-technical team members. Keeping everyone on the same page as you share the data that will drive your target setting and performance.
2 – It turns data into actionable insights
Being able to surface data is one thing. But once that data is visible, knowing what to do with it is an entirely different challenge. How can you demonstrate to your network that dataset A needs to result in action B? How can you share performance against agreed KPIs with your teams?
That’s where BPM shines.
It enables tracking of insight-driven actions – from operations to sales and beyond, allowing teams to quickly and easily track the success of their strategies.
3 – It is highly scalable
Retail networks come in all shapes and sizes, yet all are vying for market dominance and growth. As such, you want a BPM solution that is scalable, so that it grows with your operation.
Whether your network is spread across 5 sites or 500, BPM solutions can facilitate data sharing across complex networks and hierarchies. This helps to ensure the scalability and assignability necessary to ensure clarity and unity of purpose across your network, no matter how big it gets.
4 – It can help trim the fat off your operations
BPM is extremely effective in helping retail networks to identify areas of operational inefficiency and wasteful spending. Properly implemented, it can help to drive change across the entire network by optimising performance and improving workflows, no matter how large or complex your network becomes.
5 – They are often highly customisable
These are uncertain times. The last thing your network needs is rigid solutions. BPM solutions can scale and flex with the requirements of your network. Solutions that are flexible, easy to update and highly responsive enable you to customise your provision to adapt to your changing needs.
The right BPM solutions can enhance your retail network while helping it to stay agile and adaptable in an unpredictable commercial landscape.