Deloitte has published many excellent insights into new developments in Retail. Technology features prominently, and for good reason. Alongside this, Productivity specialists like SWL are uniquely equipped to guide your business through these technological applications, and more importantly, to better interpret their impacts. This article focuses on the potential offered by Blockchain technologies.
‘It is a transformative time in retail. The shopper is clearly in the driver’s seat, enabled by technology to remain constantly connected and more empowered than ever before to drive changes in shopping behavior.’ https://www2.deloitte.com/uk/en/insights/industry/dcom/global-powers-of-retailing.html
‘Sometimes employees are either nervous or afraid of the technology. What we need is to allow the machines and the skilled manpower to work together to harness the data driven-insight and create the desired impact.’
One particularly powerful area of innovation is in ‘disruptive technologies’. These include Blockchain, artificial intelligence (AI), digital reality (DR), and cloud, which, according to Deloitte, are ‘potentially ushering in a new era of productivity for consumer products companies. These technologies are not only helping spur efficient internal processes, innovation, brand growth, and profitability, but also enhancing the consumer experience.’
Blockchain for example has many potential use cases in the consumer products industry, especially with regard to tracking and monitoring of products and the flow of information, services, and money. Its practical applications in the food industry offer benefits in traceability, visibility, and recall as well as customers’ ability to access product information.
In brief, Blockchain operates like a secure, shared ‘ledger’ where transactions are verified and stored on a network. Deloitte highlights its great potential in:
- Traceability and visibility: Connected supply chain
- Product authenticity and origin
- Product delivery
- Fraudulent financial transactions
- Automated recordkeeping
- Authenticity of digital advertising
- Product recall
- Product development and innovation
- Product safety
- Supply chain trade and finance
Deloitte stress the key importance of ‘identifying and allocating resources that include finance, talent, and infrastructure with a clear road map for implementation’ that will aid these disruptive technologies’ implementation and success. Productivity specialists SWL are uniquely equipped to advise and guide your business through this implementation and in forensic analysis of its impacts and potential benefits.
So, such disruptive technologies can help to continuously transform business operations efficiencies and enhancing the customer experience. This is SWL’s very specific expertise. Call us today on 01527 895020 to arrange a discussion on how SWL can drive productivity improvements in your business operations, your workforce efficiency and the customer experience.