Seven reasons why managing information is the secret to multichannel successby
A truly multichannel business must have a multichannel mindset for information management, says Mikael Lyngsø.
Over the last two decades, businesses have worked feverishly to optimise their physical supply chains. Virtually every discussion about improving the supply chain has been centered on the physical movement of goods - the flow of products from raw materials to consumption.
However, a growing number of companies are now taking a similar interest in optimising the flow and management of the information related to these products. In a highly competitive global economy where operational information is now a core enabler, using business operational knowledge as a performance success tool is paramount. And organisations that have brought this information together into one management platform are completely changing the playing field in their respective industries and breathing new life into businesses caught in a downward spiral of declining markets.
In fact, a Gartner report estimates that more than 25% of critical information within Fortune 1000 businesses is inaccurate or incomplete. When a company’s business units fail to share accurate information between divisions, operational efficiencies break down, costs increase and the entire business suffers.