Consumer electronics companies are constantly searching for ways to get leaner and more profitable. One way they can do this is with SKU rationalization, which is the process of analyzing and optimizing product assortment to generate maximum profitability. Companies can execute SKU rationalization by identifying underperforming SKUs and either eliminating or replacing them with a product that better satisfies market demand and will generate more revenue.
There are several benefits of SKU rationalization, including better inventory management, reduced warehousing costs, increased profitability and improved customer satisfaction. This is particularly important in the consumer electronics industry where products are often available in several variations for long periods of time due to development and compliance complexities.
SKU rationalization has not been an easy task for many consumer electronics companies. It requires collaboration across multiple teams and a colossal amount of data to analyze and manage. Manually mining data via spreadsheets poses issues as there can be multiple copies in circulation and the data may be outdated. Centric Visual Boards changes the game with innovative tools that simplify and facilitate SKU rationalization.
Circulating spreadsheets by email or a shared drive to cross-functional teams results in a lack of version control and a host of other errors. Centric Visual Boards provides a centralized system for SKU rationalization. As a single source of truth, teams can easily access and analyze data, provide feedback and make quick decisions.
With access to real-time data, teams can be certain that the information they’re using to make decisions regarding SKU rationalization and product assortment is accurate. This results in more informed decision-making and fewer errors when determining the product mix.
Visual Drag & Drop Design
The intuitive drag and drop design of Centric Visual Boards eliminates the need to re-enter data into spreadsheets. Reviewing data is as simple as dragging and dropping products and the respective data for quick and easy review.
With Centric Visual Boards, teams no longer must wait their turn to provide feedback. They can instantly enter their comments for other teams to see, leading to more secure and accurate data, and in turn, faster and more confident decisions. Unlike spreadsheets, Centric Visual Boards provides an added layer of security through user control to allow companies to only grant access to the team members who need it.
SKU rationalization is a necessity to operate efficiently and profitability in the consumer electronics industry, and Centric Visual Boards has provided the much-needed digital infrastructure to simplify the process through version control, real-time data, visual drag & drop functionality and faster decision-making.