Oxford Economics and SAP Survey Results Reveal the Importance of Responsive Retail
DUBAI, United Arab Emirates – 19 January 2021 – SAP has announced retail-specific findings from a research study conducted in partnership with Oxford Economics, revealing how business leaders use digital innovation to be data-driven and focused on experiences.
SAP and Oxford Economics surveyed 3,000 executives from 10 industries, including 300 from the retail sector. Business leaders were asked to evaluate their value chain, including operations and business ecosystems, and how they manage this broad web of relationships as a unified entity. The results, summarized in The Responsive Retailer, illustrate the importance of data sharing and using a holistic systems thinking approach. Key findings include:
- While just over half of retailers cite a digital supply chain as a top-three priority for their success, many have not yet integrated the types of technologies, such as AI, that comprise an intelligent digital supply chain. Also, only 29% are effectively sharing supply-chain data with business partners, which could include manufacturers and wholesalers.
- 75% of retailers note they are effective in both collecting data and acting on the insights; however, many do not have the processes in place to effectively get meaning from their data:
- Only 39% have retrained employees to work with data.
- Just 30% have adopted organization-wide data governance policies.
“Our findings suggest that there is a connection between systems thinking and business outcomes,” said Edward Cone, editorial director at Oxford Economics. “Companies that have managed to break down old barriers between functional units, collaborate closely with external partners, and create cultures that attract top talent tend to outperform their industry peers. Using digital, data-driven technologies to respond dynamically to customer demands is key to the success for retailers globally.”
SAP’s strategy is to help every business run as an intelligent enterprise. As the market leader in enterprise application software, we help companies of all sizes and in all industries run at their best: 77% of the world’s transaction revenue touches an SAP® system. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers’ businesses into intelligent enterprises. SAP helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want – without disruption. Our end-to-end suite of applications and services enable more than 440,000 business and public customers to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improve people’s lives. For more information, visit www.sap.com.