stronger supplier engagement through artificial intelligence tools — Retail Technology Innovation Hub

Powerful planning opportunities

Retailers have tools available to them which can help streamline every stage of the supplier management process. Joint Business Planning tools, for example, can greatly strengthen one’s ability to build long-term stability by creating an environment of pinpoint planning.

They could help construct regulation compliant activity plans based on detailed forecasting and extensive data modelling, or contribute directly to sales and operational planning.

Taking this a step further, future iterations of AI algorithms might even use data on market trends, upcoming events and seasonal variations to provide planning insights which would allow for fast and safe pivots, all while facilitating quick interactions with the suppliers that will make these pivots happen without hiccup.

They could help bring assortment planning into focus, automatically highlighting opportunities which might otherwise have been missed; they might allow for promotions to be planned early, with full knowledge of available funds. AI is, put simply, an optimisation wherever it ends up. 

Tracking and reporting as standard

These tools turn planning from a bureaucratic burden into something which, in effect, just happens, seamlessly linking to other parts of the business and leaving key staff free to focus on strategy.

Apply AI tools to the management of certain supplier negotiations, to ensure every party gets the deal they’re looking for. Allow them to track potential vendor funds or deal availability, to secure all possible spend and get a promotional advantage.

Again, we are not talking about losing control – this is about having the best possible data at hand every step of the way, increasing the certainty and rigidity of one’s decisions, but also creating agility. 

At every step, AI enhances planning tool capabilities making the whole business aware of just how things are going and highlighting new opportunities which might have arisen.

Supplier offerings and new offers of funding can be tracked and brought forward as soon as they appear; alerts and notifications can be AI driven to ensure they are not only made but seen.

And a business must run smoothly: AI tools could drive assortment control, optimise promotional decisions or even generate region-specific media which does not fall foul of regulatory differences.

Knowing exactly how a promotion has performed will inform the next. Smart tools can create these post-promotion reports, of course, but they can also feed from them, taking past performance into account and providing relevant feedback when a business comes to consider its next steps.