Lead with an Integrated Business and Data Strategy

Lead with an Integrated Business and Data
Strategy
Retailers with an integrated
business and data strategy are
better equipped to fight this
ongoing retail warfare. A critical
component of the Data Strategy
is an evolutionary Master Data
Management solution to enable a
strong Master Data foundation
within the enterprise.
Consumers have grown to expect the same level of service from brick-andmortar
stores and the digital world. Evolving technologies that can
accommodate changing consumer choices will continue to create drastic
changes in the retail landscape.
In their article “The consumer sector in 2030: Trends and questions to
consider”, McKinsey discusses how the digital revolution is shaping the
retail industry and what will be the most prominent data challenges and
trends within the following years. Businesses will have to adjust to the
stagnating levels of consumption in the developed worlds and adopt multifunctional
technologies that will allow them to advertise and sell in
emerging markets like BRIC and other developing economies where the
purchasing power of the middle class will continue to grow.
©2017 Riversand Technologies Inc. All rights reserved.

Retailers are witnessing an increasing
shift in consumer’s behavior and the
way they use technology to search
for, review and shop products. The
way people interact with brands and
how businesses sell need to evolve
with sense urgency. Enterprises are
incorporating hybrid shopping
technologies, IoT, artificial intelligence and virtual reality rooms and focus
on creating unique and personalized in-store experiences. Enterprises have
more access to powerful analytics to help them find the balance between
value-based pricing and a personalized product offering.
Competition is coming from non-store retailers (up 11.9% from last year),
luxury stores (offering 90-minute delivery of luxury goods like Gucci
handbags) and off-price retailers (Moody’s projects sector sales to rise
between 6% and 8% this year). In this fluid landscape where new business
models emerge and succeed in a relatively short timeframe, technologies
are chosen by enterprises determine their future. They have to invest in
technologies, that align with
evolving business strategies and
changing consumer choices to allow
them to stay on top of their game
and shift from a traditional business
model. At the heart of technology
lies data management. Agile data
management practices aid retailers
to change course faster, reconfigure
their business assets and find new marketing vehicles as they incorporate
insights from customers.
Slapping on another technology without a long-term data management
strategy is not just a short-term outlook but also setting up for failure.
Retailers with an integrated business and data management strategy and
an agile execution team will be better equipped to fight this retail warfare.
©2017 Riversand Technologies Inc. All rights reserved.

Within Data Management, Master Data Management solutions is a must
to maintain strong Master Data foundation within the enterprise.
Accurate and rich data support
business strategies in
streamlining their supply chain,
delivering relevant information to
the customers along their
purchasing lifecycle, derive
insights from consumer choices
and incorporate the market intelligence back into their Master Data
Management platform. Enterprises need to manage their Product Data in
a central information hub from where they can extract and deploy data on
all the levels of the enterprise and quickly align execution with strategy. A
Product Information Management app sitting on top of MDM is a must in
managing product data across the enterprise.
Riversand is an innovative leader in Master Data Management, powering industries from the world's
largest to SMBs. Riversand's single integrated, scalable and robust multi-domain MDM platform caters
to a variety of use cases across multiple verticals. In addition Riversand offers specific solutions such as
Vendor Portal, Spare Parts Management, Material Master, GDSN on-boarding, Media Assets
Management, Print Publishing etc. Business value which Riversand provides include accelerated timeto-market,
increased sales, improved order accuracy, reduced costs and enhanced customer service.
Customer satisfaction is at the heart of Riversand's innovation.
For more information, visit Riversand.com and follow @RiversandMDM on Twitter.
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©2017 Riversand Technologies Inc. All rights reserved.