Operational efficiencies improve business success
It’s no secret that efficiency is a key to success in any facet of life. Making things easier and more effective in terms of time and cost management is a fundamental practice of good business, and it permeates every aspect of our lives. It has become especially important as new technology has created avenues for this growth and efficient change to take place. With that being said, it can be hard to identify areas of need and places where retail best practices can be made more efficient, especially when you are doing well. Let’s take a look at a recent story from Best Buy, the electronics giant – Twice.com reports that Best Buy has seen a huge payoff by simply improving supply chain processes and implementing more effective floor space utilization. The article explains:
“On an earnings call this morning after reporting a first-quarter loss, president/CEO Hubert Joly and chief financial officer Sharon McCollam said they will continue to cut costs and improve operational efficiencies, which have resulted in annualized savings of $325 million to date.”
When your business is generally successful, and when you’re very used to current practices and tools, it can be difficult to pinpoint something like supply chain processes or space utilization as an area for improvement. For Best Buy, it seemingly took a first-quarter loss to have them analyze where they could improve retail best practices and save money. This is why it’s sometimes a good idea to do periodic evaluations of your productivity in every area of business. ChainDrive’s retail management software offers full Productivity Analysis and also includes tools specifically built to support optimization and efficiency. This includes Layout Management and streamlining of a number of practices involved in the supply chain, such as order management.
Use ChainDrive retail operations management software to analyze your business’s performance and find out what can be done more efficiently!