Collaboration through Data Analytics
RSi and Walgreens have been partners in the Operational Data Sharing Program since 2007; now with over 300 participating suppliers. Walgreens launched this program to provide its suppliers access to near real-time store level inventory, point-of-sale (POS) data at the store/item level, as well as category data. This granularity provides suppliers with greater visibility into consumer demand, enabling increased collaboration with Walgreens to achieve business goals and provide customers with the highest service levels.
Retail Solutions is THE data provider for Walgreens Suppliers. We automate data integration, attribution and reports, cleanse and validate the data, and then help suppliers focus on activities that will drive the most value. RSi and Walgreens continue to collaborate on a daily basis to identify and implement new data elements to grow and elevate the program’s success.
Walgreens encourages suppliers to explore this program and participate. Subscription and activation take only a few weeks, and do not require lengthy IT projects. The POS and store-level inventory data are made available through Retail Data Management solution that provides a robust data warehouse and easy-to-use tools for suppliers to access and analyze the data by product, by day and by store. Supplier data is cleansed and validated so that the data format is standardized and raw POS data is transformed into actionable information for your business process.
Suppliers have access to both training and expert consultants to help interpret the data and leverage reports for optimal results.
With enhanced data granularity and daily updates, suppliers can:
- Improve sales performance and product assortment through better store/item analysis
- Increase new item sales through more efficient and effective store distribution
- Reduce out of stocks by monitoring local product inventory availability
- Maximize ROI of trade promotions by leveraging past promotion and mid-promotion data
- And much more…
Retail Solutions and Walgreens have worked hard to develop a best-in-class program that can transform data into insights, actions, and ultimately immediate tangible value. Through this partnership, a number of customized Collaborative Business Processes have been developed, some of these include: improving instock during promotions, reducing excess inventory, improving forecasting including store level allocation, optimizing display processes, improving new product launch performances, optimizing discontinued items run down, and store segmentation analysis.
Example Program Successes:
- Minimize Excess Inventory: One team was able to increase retail unit sales by 400% through analyzing price elasticity to identify optimal price reduction necessary to clear out inventories while minimizing returns.
- Identify Lost Sales Opportunities: By looking to proactively detect out-of-stocks and improve product availability. This team readily identified $1M in lost sales opportunities, and was then able to identify root causes and provide recommendations to capture these sales.
- Distribution Void Opportunities: After only 9 weeks, by closely monitoring weekly store/UPC level key measure, the team was able to identify distribution voids. Once identified, items were reset in stores where they were planogrammed and there was a 42% decrease in distribution voids. Annualized, the opportunity estimate was $1.15M.
- Webinar: Excess Inventory Playbook. This webinar guides Walgreens vendors through the journey of tackling in-store excess inventory. Learn how to identify excess, prioritize items and think through all the possible actions and best practices all while collaborating with Walgreens.
- Webinar: Walgreens Category Data. As our program with Walgreens has expanded, this webinar defines what data is available, best practices for using the data, and new ways to collaborate with Walgreens.
- Webinar: Walgreens Data Enhancement. This webinar covers the Duane Reade and Planogram Subscribed Store Indicator data enhancements implemented at the end of 2013.
- Webinar: Johnson & Johnson Leveraging Store Level Analytics. Learn how the J&J team streamlined the collaboration with Walgreens by leveraging RSi data to identify past like events actual units sold and out of stocks, along with current store level inventory data, to determine gap units to be pushed to targeted stores prior to events.