Archive for January, 2025

Business and AI: What can it do?

Tuesday, January 21st, 2025

 

Today’s post is by Margaret Stewart, Director of HR and Administration at SafeSourcing Inc.

Artificial Intelligence has often been heralded as a game-changer for businesses. As we look to the near future, it is poised to affect industries across the board, from streamlining operations to enhancing customer experience. But in what ways exactly will AI affect businesses and are the possibilities virtually endless?

AI algorithms are becoming increasingly adept at analyzing vast amounts of data to understand individual customer preferences. Businesses will leverage this capability to deliver hyper-personalized experiences. For example, retailers may use AI-driven recommendation engines to suggest products tailored to individual tastes, healthcare providers could customize treatment plans based on patient history and genetic information, and even entertainment platforms can offer uniquely curated content for each user. This level of personalization could potentially drive customer loyalty and satisfaction.

AI-powered automation potentially could free employees from repetitive tasks, allowing them to focus on more strategic and creative work. In industries like logistics, finance, and manufacturing, AI-driven tools will streamline workflows and boost productivity. Some examples include chatbots and virtual assistants that handle customer queries around the clock, robotic process automation that automates data entry, invoicing, and compliance checks, or even AI-powered scheduling tools that optimize workforce management and resource allocation.

AI is no longer a futuristic concept, but rather a present-day catalyst for innovation and efficiency. Businesses that embrace AI will not only gain a competitive edge but also redefine what’s possible in their industries. By preparing now, companies can position themselves to harness the transformative power of AI and lead the way into a smarter, more connected future.

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If the Economy is so great, why are so many stores closing.

Thursday, January 16th, 2025

 

Today’s post is by Troy Lowe; Vice President of Development at SafeSourcing.

If you are still the kind of person that enjoys going to stores and shopping, you have probably noticed that a lot of stores that you shop at are no longer there.  In the U.S. retailers announced approximately 7,100 store closures which is a 69 percent jump from the year before.  Not only are there closures but around forty-five retailers have filed for bankruptcy protection compared to around twenty-five retail bankruptcies the year before.  A lot of the store closures are due to the economy and the fact that people are strapped and not spending as much money as they did in past years.  With everything going up in price shoppers are now having to spend more money on more necessities and are spending less on other items.  The retailers with the greatest number of store closings include drugstores and major discount chains.  The pharmacy closings seem to be more of a problem with over 7,000 of their stores closing over the past few years.  All of these closings have caused major gaps in locations making it hard for shoppers to find a nearby drugstore to fill their prescriptions and get other health care products they need.  Researchers are hopeful that the retail space may stabilize later this year but do not be surprised if there are still additional closings.  Below is a list of some of the retailers that closed multiple locations over the past year.

  • Family Dollar
  • CVS Health
  • Big Lots
  • rue21
  • 7-Eleven
  • Rite Aid
  • Walgreens
  • Foot Locker
  • Dollar General
  • Dollar Tree
  • Macy’s
  • Office Depot

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A Category Management Primer!

Wednesday, January 8th, 2025

 

 

Today’s post is by Ronald D. Southard, CEO at SafeSourcing Inc.

What is the structure of your buying organization?

Evolution to a category management structure began in the 1980’s. Many companies today have still not completely evolved to this structure. So, what are some of the elements of a category management structure and what do they do. Here are some definitions from the SafeSourcing Wiki which is free for anyone to use.

  1. CategoryManagement is a retailing concept in which the total range of products sold by a retailer is broken down into discrete groups of similar or related products; these groups are known as product Examples of grocery categories may be tinned fish, washing detergent, toothpastes, etc. Each category is then run like a “mini business” (Business Unit) in its own right, with its own set of turnover and/or profitability targets and strategies.
  2. A categorymanager (CM) analyzes product brands and mix, inventory levels, movement, shelf space allocation, promotions, buying, and profitability of a merchandise category. They manage the marketing for a range of related products in a way designed to increase sales of all of the products, as opposed to a brand manager who markets an entire brand of goods.
  3. Within a category, a category captain is the manufacturer‘s representative responsible for analyzing the productmovement, assortment, inventory management, promotion, buying, and profitability for a specific geographic area or an entire chain. They will be expected to have the closest and most regular contact with the retail In order to do the job effectively, the supplier may be granted access to a greater wealth of data-sharing.

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