Overview

This series of analyses covers specific opportunities emerging from the evolution of future megatrends and is designed to help clients discover and prioritize the most consequential mid-to-long-term megatrends that will transform their business growth environment. This analysis discusses transformative megatrends that will accelerate the global megatrend of retail automation. Moreover, it offers guidance to organizations for the incorporation of these megatrends by representing exemplary use cases and suggesting opportunities from upcoming new business models that will enable growth.

Our analysis shows that retailers are leveraging the exponential growth in advanced technology in recent years. The resulting applications include technology-powered inventory management systems, cloud-based inventory platforms, network inventory management, and purchase-to-pay automation. Additionally, there is a focus on approaches that analyze and assist in business strategy and planning, such as measuring business performance, vendor relationship management, pricing methods, and automated return logistics assistance. Some of the notable retail automation megatrends are described as follows:

• Automated Reordering System: An automated reordering system (ARS) is a technology-powered inventory management system that streamlines the process of replenishing stock to maintain optimal inventory levels.
• Cloud-based Inventory Platform: A cloud-based inventory platform uses cloud infrastructure to monitor and track inventory levels. Cloud inventory solutions are more flexible and cost-efficient than traditional inventory management systems since they allow remote inventory management.
• Network Inventory Management: Network inventory management (NIM) is the systematic monitoring and documentation of all hardware and software components on a computer network. It entails tracking and managing all inventory throughout the retail network, including warehouses, distribution centers, and store locations.
• Procure-to-pay Automation: Procure-to-pay (P2P) automation integrates the entire procurement process, from requisition to payment, resulting in a streamlined and interconnected workflow. Also known as purchase-to-pay, it maintains uniformity by standardizing procurement practices and enforcing compliance with internal and external requirements.

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Which best practices should your company adopt to gain a competitive edge in the retail landscape?

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