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10 December, 2019     2 MIN READ

How Retailers Transform Product Development with PLM

The retail industry is undergoing a drastic transformation. Gone are the days when products were developed in a linear fashion for one season, sent to stores and then the next season’s planning commenced. Today, product development takes place in parallel, with enormous pressure on every SKU to perform. It is crucial for retailers to have a robust digital backbone in place that will empower retail transformation and brand longevity.

Centric Product Lifecycle Management (PLM) drives digital transformation for retailers to develop products in all categories of consumer goods across multiple collections, price points, geographies and channels faster with lower costs, higher product margins while meeting compliance standards to better compete in today’s accelerating marketplace.

See how Centric PLM boosts retail businesses across the globe:

Get Creative

Encourage collaboration and lift the boundaries of creative limits by utilizing tools such as remote image and moodboard sharing. Centralize all product data and libraries into a real-time single source of truth so creative teams can do what they do best – develop and manage cutting-edge new collections, incorporating information from previous seasons and field research without spending hours searching for data.

Feel Secure

Knowing that your data is safe is of vital importance. With Centric PLM you can grant and control access of individual users in an extremely flexible way, right down to custom attributes and permissions per user.

Plan so Products Succeed

Take control of your merchandising planning – this is particularly business-critical considering nearly 50% of new product introductions in the retail sector fail to meet sales targets. Differentiate yourself and take the guesswork out of product development by embedding merchandising planning in Centric’s PLM system from the very start of product development. With the Merchandise Planning module, teams can create ‘what-if’ scenarios with the cost scenarios feature and automatically calculate how product costs affect margins and pricing.  Mass updates can be carried out with the touch of a button, dramatically reducing margins for error, and visibility is extended from initial line plan proposal all the way through sales commitments and recording of actuals.

Analyze with Slicer

Centric’s online pivot tool with real-time analytics allows users to filter and sort by any metric e.g. country of origin of the three most recent seasons. This lets you identify trends and spot exceptions by visual cue so that items with the largest financial impact are addressed first, ultimately enabling you to refine your business by improving margins.

Integrate with Existing Systems

It’s a given that retailers have existing systems in place – often more than one. Enterprise Resource Planning (ERP) is the backbone of many manufacturing operations, and Centric Software’s experts have a wealth of expertise when it comes to integrating Centric PLM seamlessly with legacy systems. Centric’s cutting-edge technologies were built hand-in-hand with leading retailers and system integrators around the world to ensure success.

The retail landscape is becoming more and more complex. Introducing Centric PLM enables you to unravel and refine every stage of product development. Centric empowers all categories of retailers to boost product innovation, improve supplier collaboration and product co-creation, ensure regional product compliance and quality, and speed time to market. 

 

Want to learn more? Request a demo

 

Check our Why PLM for Retail page

 

See the replay of our PLM4Retail Webinar

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