Kitchenware, a small K utensils shop in old Gurugram's Sadar Bazar, recently digitized its inventory. Every product in the store was barcoded, easing the billing process. But the data wasn't used to analyze fast-moving and rarely moving products, which could have simplified inventory management-for example, which item to stock more, or which item to reorder at more frequent intervals, among other things.
Now, munch on this. When India went into its first Covid-19 lockdown in March 2020, GCMMF (Amul) was able to successfully deploy a frozen food supply chain to deliver dairy products overnight, R.S. Sodhi, MD of Amul had earlier told Business Today. By maximizing the use of data, software and digital infra, Sodhi was able to manage inventory in a way that the retailers never ran out of stock of key essential items.
While the scale of Kitchenware and Amul are obviously different, the fundamental need for digital solutions was the same. Yet, it was Amul's access to and analysis of real-time data that helped it steer through the lockdown challenge.
WHY DATA-DRIVEN TRANSFORMATION MATTERS
54%
INCREASE IN REVENUE PERFORMANCE
44%
FASTER TIME-TO-MARKET
62%
IMPROVEMENT IN CUSTOMER SATISFACTION
54%
INCREASE IN PROFIT IMPACT
SOURCE HARVARD BUSINESS REVIEW
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