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Our initial discussion was to understand pattern seeking technology. Now, let’s discuss how pattern seeking technology can be used to answer possibly the biggest questions in retail today: “When do we know, what we don’t know?”, and “How do we … Continue reading
Tag Archives: Shrink
Understanding Pattern Technology
Until recently, there has been one largely preferred methodology for detecting exceptions in retail: Exception Based Reporting, or “EBR”. But to be perfectly honest, EBR focuses on the exceptions within Exception Based Reporting, or what I will refer to as … Continue reading
Butchering Profits
Within any grocer, the meat department tends to have high margins, while at the same time experiencing high losses relative to other departments. This is due to the nature of the product, being highly sensitive and perishable, therefore spoilage and … Continue reading
Big Data – Insights to a Competitive Advantage
It is commonly thought that data is the foundation of information, and information is knowledge. Yet to gain true insight, large quantities of data may be needed. Today, big data is a term increasingly being used to describe the massive … Continue reading
Excellence in the Ordinary – Part 1: Reducing Loss
We make a great deal of assumptions in retail operations about how effective our associates are performing, responding to the needs of the business, and complying with company policies and procedures. Assumptions are often made that business is progressing as … Continue reading
Big Ideas at the Big Show
Last week more than 1000 companies, from all over the world, representing different areas of retail came together for the 101st NRF Big Show in New York City to share ideas, innovations and information. Covering several days, NRF showcased the … Continue reading
Amplify Profits by Doing More With What You Have
In the past 16 years I have spoken with a variety of leading retailers. Some had good data, others great processes, some with well organized teams, all with various operational efficiency. In their own way, each of these retailers are … Continue reading
The Fallacy of Same Store Sales
Today, Wall Street investors use same store sales as an indicator of the viability and investment potential of a retailer. By analyzing how well existing stores perform during a particular month or quarter compared to that same time period in … Continue reading
Build versus buy: approaching an age old question
You’ve probably heard the 80/20 rule applied to the build versus buy decision: “If you can get 80% of the functionality you need from a packaged solution, then buy it. Otherwise, build it.” At least two decades ago, if not … Continue reading
Lumbering Along, In Search of Profits
I realized we were in desperate times when store managers began debating whether to sell caramels at the checkout area for $.39 each, or 3/$1.00. When emails were being sent out to the district showing that one store had sold … Continue reading