How intelligent business systems help retailers drive profitability and growth
Retail organizations are at an inflection point during a time of great volatility. Pressures are mounting in the retail space as organizations grapple with heightened consumer expectations, a tight labor market and even tighter margins — all coupled with increasingly complex tech stacks that make it difficult to make decisions intelligently and quickly.
IDC conducted a survey of 387 global retail executives distributed among both IT decision makers as well line of business decision makers in June 2023. These executives were highly knowledgeable regarding their organizations’ digital transformation plans including modernization opportunities around enterprise IT systems such as ERP and finance.
Most of those surveyed were in a retailer’s finance and accounting area, with good representation among purchasing and procurement, and with responsibility for setting overall corporate strategy. One-third of retailers (34.6%) report that they believe the retail industry is healthy, yet they worry that many are not ready or are unable to pivot should overall conditions change.
The retail industry’s self-awareness is driving strategic investment in the digitalization of ERP and finance systems as a result. Resilience, agility, and better outcomes for today and tomorrow are the objectives.
