Global crises and their disruptive effects spotlight areas for improvement in the global supply chain. PYMNTS.com published an article earlier this month detailing one silver lining of the novel coronavirus, or COVID-19: “a renewed focus on technology and the supply chain.”
As part of the piece, PYMNTS.com cited Newmine’s Chief Returns Officer as a use case for supply chain technology’s ability to expose vulnerabilities early in the selling season through deep data analytics. We’ve written in the past on how returns data unlocks visibility into vulnerable areas of the product lifecycle. Check out our blog, The Hidden Millions Your Losing in Your Supply Chain to understand more about the revenue leakage that occurs as retailers are delivering product to market:
Consider how many teams work together within a retail organization to develop a continually flowing product assortment to the ideal customer. From the initial design concept to merchandising and sourcing, there are multiple departments whose contributions can affect customer satisfaction. Product development calendars are strategically set to meet aggressive deadlines. Translation? Lots of room for error. And even minute errors that occur when pushing an item to market can become expensive returns.