If you can’t measure it, you can’t manage it!
One of my first clients when I entered the retail technology business cautioned me to think of technology as a tool to help retailers not the end all be all. No matter how systems evolve retail is all about religiously monitoring the key numbers that drive retail success.
The challenges have grown exponentially in the new age of “Disruption”, however “If you can’t measure it you can’t manage it” still holds true. One of the initial assessments I make for any new client engagement is to determine if they have the right technology and are they utilizing it to its capabilities. Everyone wants the newest toys, but the false premise is the more you spend on technology the more money you’ll make. Before making any investment in new technology you must clearly define your goals and the process for making a well informed decision.
- What problem(s) are you trying to solve?
- What are the features needed from the software or hardware you are evaluating to satisfy these requirements?
- How will you actually use this new technology “Use Case”?
- Do you have the people necessary to implement the new technology?
- Have you defined a Return on Investment strategy to justify your investment?
- Have you established a timeline with mile stone dates to ensure the project stays on schedule?
Remember the key objective is to have easy access to the key numbers to run your business and “Stop Guessing”
Your goal with any technology investment is to grow your business not add cost. If you can’t articulate how you will get a return of your investment, don’t make the investment.