For Retailers, BILL Holds the Key to Successfully Leveraging Data
In order to drive significantly stronger revenue growth and increase profits, retailers first and foremost need to assess BILL. You probably already know BILL stands for Basket, Inventory, Labor, and Loss. To survive, increase competitiveness, and deliver on their growth and revenue goals, retailers need to focus even more diligently on these segments of data. Below, we’ve outlined the key areas retailers should be analyzing and measuring for each aspect of BILL.
|AREAS OF FOCUS TO OPTIMIZE SUCCESS||OMNICHANNEL ACTION|
|Basket||The items and dollar value associated with those items that a person buys in any given transaction||• Monitor Traffic & Transactions|
• Optimize Assortments
• Monitor Average Number of Items
• Monitor Average Price per Item
|Manage Your Omnichannel|
|Inventory||All balance on hand and balance on order from the shelf, to the store, to the DC to the supplier||• Minimize Total Cost of Ownership|
• Minimize Out-of-Stocks
• Minimize Overstocks & Discounts
• Maximize On-Time, In-Full Deliveries
|Manage Omnichannel Stock|
|Labor||Cost of employees at all stages throughout the supply chain||• Manage Time Down to Floor Footsteps|
• Minimize Errors and Time to Resolve
• Maximize Supply Chain Efficiencies
|Incorporate Omnichannel Activity|
|Loss||Waste and shrink||• Identify Causes & Resolve Shrink|
• Minimize Over Stock Mark Downs
• Minimize Phantom Stock
• Compare Store Stock to Sales
|Avoid Omnichannel Confusion|
By focusing on the key data insights generated through BILL, retailers can optimize value and results at every stage of their supply chain. But, achieving that value requires a set of solutions that will assist in data management and analysis. In order to properly evaluate and analyze each area of BILL, retailers should consider using the following kinds of technology solutions:
- Basket: A comprehensive data services solution that enables retailers to ingest the data they’re receiving, perform in-depth analytics, and create actionable reporting, without creating the extra work and incurring the associated labor costs.
- Inventory: A solution focused on boosting OSA performance by providing timely and actionable alerts and measurements, which can drive major reductions in out-of-stocks (OOS), lowering the cost of goods sold and ensuring happy, loyal shoppers.
- Labor: a solution that addresses supply chain inefficiencies. A smoother supply chain with fewer disruptions equates to less labor required to fix these issues. Solutions providing actionable technology, such as in-store alerting, give retailers the tools to take corrective action on the ground at a store-to-store level, which can minimize errors and time to resolve those errors.
- Loss: A comprehensive supply chain execution solution allows retailers to ferret out issues in the supply chain that lead to an estimated 59% in overstocks, understand where product is across the entire supply chain, and positively impact COGS. When it comes to shrink, this type of solution will also account for recapturing the revenue lost from unsellable items as a part of the overall value.
By assessing BILL, retailers not only stay competitive, but also generate and recapture millions of dollars every year that would have previously been lost. Learn more about how to assess BILL in our latest article, Meet BILL: How Focusing on Key Retail Data Helps Retailers to Drive Growth and Profits.