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What are the main advantages of using ERP software to detect consumer trends in retail?

In times of crisis and increased competition, digitisation and technological innovation become even more important for the success and survival of businesses.

In the retail world every business depends on internally connected business processes. These include financial management, human resources and procurement, the day-to-day organisation of production or service delivery, sales and many other processes that depend on the particularities of each industry.

The best way to organise all these processes in order to obtain a real-time diagnosis of our company and efficiently combine the aforementioned business processes in a single ecosystem is by implementing an ERP system.

The purpose of an ERP should not only be to optimise accounting, procurement and organisational processes, but also to improve…

Today, the implementation of modern ERP software for retail and any other field must be equipped with tools that take advantage of artificial intelligence, which makes business management more transparent and efficient.

In the case of Ladorian IDS one of the fundamental aspects is the definition of the business sales patterns to take advantage of them through our offline recommendation engine.

We’ll tell you about it!

Main differences between ERP and CRM

Some people tend to confuse ERP with CRM, or consider these solutions to be almost analogous.

The difference between ERP and CRM lies in application, core functionality and complexity.

While it is true that both ERP and CRM handle contacts, partners, customers, logistics, invoices, quotes, orders and forecasts, they are used for different purposes.

A CRM is used to optimise the interaction and experience with customers, while ERP is a complete package with an emphasis on concrete resource planning and analysis.

ERP business intelligence solutions:

  • Create a centralised database
  • Optimise management with knowledge from seamlessly shared information
  • Improve decision making and communication between departments
  • Improve network reliability

On the contrary, CRM software is designed to improve:

  • Customer management
  • Employee monitoring
  • Leadership management
  • Analysis, reporting and forecasting

In short, an ERP is a pre-packaged solution that optimises internal processes within multiple business departments, including manufacturing, inventory, purchasing, distribution, human resources and services.

The system is business-oriented and designed to optimise business resources based on data.

Whereas a CRM is a software tool that ensures companies record every interaction with current and potential customers.

The system is more geared towards increasing sales and improving customer experience with brands.

What are the main retail functions that benefit from efficient ERP?

Retail

Retail ERP software represents a multi-channel solution that facilitates internal and administrative processes.

In this way, the business can increase the productivity of each internal department and ensure business growth, while customers get a more personalised experience.

In addition, the real-time data exchange allows us to detect consumer behaviour patterns so that we can make a more effective impact through personalised offers and promotions.

Finance

Well-designed retail ERP systems automate accounting, which helps optimise company resources.

Technological innovation helps reduce the amount of work and automate routine tasks by identifying the flow of investment.

Human resources

Retail ERP solutions streamline employee management, including recruitment, onboarding and payroll.

Data-driven decision making in physical shops helps and simplifies the search and hiring process, as well as monitoring employee performance, all leading to increased productivity.

Supply chain

Typically, ERP modules for retail or physical shops include warehouse and supply chain management functions.

Today, through the use of new technologies such as artificial intelligence, big data and machine learning, we can optimise manufacturing, inventory management and logistics, creating opportunities for growth accordingly.

Sales

Out-of-stocks or overstocks are a major problem for physical shops as they lead to dissatisfied customers and/or loss of revenue.

For this reason, by integrating a sales system with ERP we can provide replenishment recommendations based on your own sales history to make sure you always have the most efficient amount of inventory.

Why does retail need ERP?

Is your retail business not performing as expected? Are you looking for new optimisation opportunities?

Are you unable to detect a pattern of trends based on business data?

Don’t know how to capture and leverage user data in physical shops to improve business decision making?

With increasing competition in the retail market, enterprise resource planning systems have become essential for retailers who want to increase sales and improve the shopping experience for their customers.

Today’s highly competitive environment requires increased automation and business optimisation, which would be impossible without the use of new technologies.

Of course, the introduction of new management approaches and technologies requires a major investment, but technological implementation could make the difference with your competitors.

Main advantages of using a retail ERP

  • Resource planning and cost efficiency
  • Real-time data capture and analysis
  • Improved data-driven decision making
  • Increased customer satisfaction
  • Detect behavioural patterns and trends in physical spaces
  • Personalisation of customer service, offers and promotions

Enterprise platforms help increase customer loyalty and the overall shopping experience. Gathering information such as customer feedback, customer demographics, product reviews, etc. helps us to respond to consumer needs more efficiently and grow the existing customer base.

How Ladorian can help

Ladorian helps retailers to detect trends and patterns at the point of sale to recommend the right products in physical shops through the most appropriate system at the right time in order to increase sales and improve the shopping experience.

We have designed our own offline recommendation engine with which, through advances in artificial intelligence, machine learning, image, video and data processing, we help our partners to optimise their internal business processes and create personalised digital communication.

Through the comprehensive analysis of the data extracted from the business we will be able to create campaigns based on a predictive model and programmed rules based on consumer profile, stock and sales, among other variables.

Are you ready to take your business to the next level?

Contact our sales team and get in touch with one of our experts free of charge.

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