Sustainability – how to be sustainable and more profitable at the same time
Sustainability has become a major concern for companies across industries. However, measuring and ensuring sustainability is not an easy task as it involves collecting and aggregating data to prove compliance at various levels. For example, the retail industry is one of the most polluting industries, and it needs to pay attention to its sustainability profile, especially regarding reducing the levels of bargain and destruction. Reducing the products that end up as bargains or destruction is essential as it is expensive for the producers and results in a negative impact on the environment due to the transportation of goods. Tools that can help in collecting, monitoring, documenting, and proving compliance levels on specific parts could be useful in this regard.
Another aspect of sustainability is spending analysis related to waste. Calculating the cost of sending something to destruction can be challenging, and companies lack information about the cost of the product in the end. Tools that can help in calculating the cost of making a product into a bargain deal could be useful. Buying behavior is changing, and orders are now flowing in many different channels, making it challenging to control and triggering manual work to convert information from one point to another. Predictive buying, which involves making more analyses and predicting buying patterns based on structured data, could be a solution.
Customer service entries and time consumption are often forgotten aspects of a company’s operations. The time spent on processing orders, which involves fax, online, and phone interactions, can be high. Working with data flow and getting it directly into the production system could save time. Companies have their golden product or flagship product, which made them successful, and they sell other products as well. Analyzing the sales of the golden product can help companies identify blue oceans or white spots based on user demographics and target groups. This concept of analyzing sales is known as the McDonald’s index, and it can be applied across industries to identify the flagship product’s sales in a particular region.