In order to stay ahead in a competitive market, brands need to size up their critical path to understand what milestones they need to meet, when they need to meet them and, importantly, how they’re going to meet them. A retailer who has greater visibility of their product development and supply chain will not only be able to quickly eliminate faulty products and better manage risks but also identify bottlenecks in a product’s lifecycle.
But how can retailers standardise their critical path with so many multiple particpants? In this blog post, we’ll outline three reasons why sizing up the critical path is so important for all retailers.
1. Spreadsheets can become a thing of the past
Most retailers will have some form of critical path management tool in place – typically a spreadsheet. However, without software to create a holistic overview, sizing up the critical path can be a nightmare for any team to navigate. Centralising critical path tracking into a single, collaborative system will remove the need for cumbersome spreadsheets and help retailers to have an exact understanding of the end-to-end product journey. Many retailers get overwhelmed with multiple versions of the truth as spreadsheets are passed backwards and forwards between multiple parties. By implementing software, organisations can also save on administration cost by integrating with other product development solutions.
2. Sample management can be improved
Sample management is a vital part of any supply chain workflow, especially for hard goods, but it is often undervalued. In an age where consumers are flooded with so many product choices, quality is often a key differentiator; especially given the rising consumer interest around sustainability and ethical sourcing.
To ensure only high-quality materials are used, tests are often required to make sure that regulations are adhered to, standards are met and that issues won’t be experienced further down the line once manufacturing has begun. Having a clear understanding of each stage of the critical path enables the process of sample management to be standardised, ensuring these important tasks don’t fall behind schedule and giving consumers greater trust in the retailer.
3. Retailers can assess the entire retail ecosystem
From suppliers to manufacturers, everyone will benefit from having greater visibility and a centralised place to view essential information about a product’s lifecycle. This collaborative and efficient way of working will be key to ensuring that an item is available by its agreed launch date.
From buyers to shippers, manufacturers to carriers, merchandisers to the Distribution Centre, there are hundreds of partners involved in keeping the critical path on track. But, sizing up the critical path doesn’t have to cause a headache. Using it as a way to understand the supply chain and the gaps that might be in it can improve efficiency, guarantee accuracy and mitigate risks from arising further down the line when it’s far harder to make corrections. In such a complex environment, it’s essential for everyone in the retail ecosystem to look at and work from the same version of the truth. The retailers who track what matters in order to get the right product on the right shelves, virtual or otherwise, at the right time, will win the retail race.