What Are Retail Leaders Thinking Ahead of National Retail Federation Retail’s Big Show 2024?

What Are Retail Leaders Thinking Ahead of National Retail Federation Retail’s Big Show 2024?

The National Retail Federation’s (NRF) annual conference, Retail’s Big Show, is just days away. We decided to ask retail industry leaders what is on their minds going into the show and what big-picture plans they have for the next few years. We are excited to share with you what they said!

Artificial Intelligence and Master Data Management

We asked retail leaders to tell us about their company’s highest priority strategic initiative for the next one to three years, and 62 percent of respondents stated that master data management (MDM), advanced analytics and artificial intelligence (AI) were at the top of their list. We also asked about their highest priority retail planning initiative, and 67 percent said it was to introduce AI. Finally, when asked about their primary goals during NRF, 50 percent stated that they were looking forward to speaking and learning about master data management.

enVista’s Vice President of Retail Consulting, Julie Cheney, was not surprised by these results, saying that many of the retailers she works with have inquired about introducing AI to their organizations. Julie said, “AI is sweeping the country right now, and retailers are more eager than ever to learn how they can leverage it to enhance their operations. However, you can’t have AI without proper master data management. It is heartening to see that respondents seem to have equal eagerness toward MDM, and I’m excited to see what great things will happen within their organizations over the next few years.”

State of Retail Organizations

Retailers have undergone significant change in the last few years, and we wanted to know where they stood now going into 2024. We asked retail leaders what factors they feel might challenge their strategic initiatives, and 56 percent said organizational resources were their biggest concern. Of course, with the way that labor constraints have been impacting retailers, distributors and manufacturers across all industries, there is no question why organizational constraints may be impacting retail leaders’ outlooks. Most retail planning initiatives require additional people, processes and technology, and these resources are not always available. This is why it is critical to define your organization’s key objectives and determine what initiatives are absolutely necessary to achieve those objectives.

Finally, we asked retail leaders about the maturity of their planning functions, and 29 percent of respondents stated that they had siloed activities and teams, while 43 percent said they had cross-functional collaboration. If you’re pursuing initiatives without considering the entirety of your organization, you will likely experience siloes. Our retail consulting and technology experts are looking forward to sharing how retail leaders can achieve their planning goals in 2024 while maintaining synergy, efficiency and productivity.

Learn more about how you can interact with enVista at NRF 2024! Visit our website and schedule a meeting today.

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