Glenn Taylor from Sourcing Journal recently covered Oracle Retail's portfolio update webinar, leading up to Virtual NRF 2021.
The Covid-19 pandemic's impact on retail has made agility even more of a priority as consumers shop from different channels and geopolitical headwinds disrupt the supply chain. But the first step in being truly agile comes down to delivering data-driven inventory management that gives all stakeholders, whether that means supply chain managers, store employees and consumers, a chance to view where their products are at all times.
Artificial intelligence and machine learning are now requirements for retailers if they want to better predict demand, create guidance on how to respond to rapid customer changes and give store associates the tools necessary to create more authentic engagements, according to Jeff Warren, vice president, solution management and strategy at Oracle Retail.
"The challenge for us, as we think about creating that space for innovation, is fundamentally at the end of the day, our business is about driving outcomes," Warren said during a digital event Thursday. "How do we plan better and more compelling assortments with the right price and the right purpose? And how do we drive seamless execution to enable the consumer and customer journeys that we're ultimately looking to provide?"
Antony Wildey, vice president of solution consulting of Oracle Retail, believes the answers to these questions lie within the company's move into what it calls "exact inventory" and mobility.