In 2014, RVCF launched the Trading Partner Interface of the Future initiative with the goal of advancing the concept of a neutral, cloud-based platform in which data could flow between trading partners without human intervention. All stakeholders would have visibility into current, complete, accurate data through a configurable, next-generation portal. This would allow for the automation of product set-up, supplier onboarding, planning and forecasting, order management, replenishment, payment and reconciliation, returns, and end-of-product lifecycle.
RVCF is excited to announce TPI2, the next phase of the Trading Partner Interface of the Future initiative. TPI2 will be presented at the RVCF Annual Fall Conference, which is being held November 8-11 at the JW Marriott Scottsdale Camelback Inn Resort & Spa in Scottsdale, AZ. Please note that we have changed the venue due to unplanned construction at the previous location.
The first part of the initiative focused on the various components of the retail supply chain's functionality lifecycle, including high-level strategy, category management, merchandising, finance and accounts payable, operations, and supply chain. TPI2 is a six-month project that will explore ways to improve productivity, profitability and brand value by analyzing and developing the following attributes:
Predictive Analytics. Mining granular retail data will help trading partners identify and forecast trends and make data-driven decisions.
Lean Inventory Flow Management. Organizations can improve inventory flow through real time planning, forecasting and allocation collaboration. This attribute will include product data as well as demand, replenishment, fill rate, safety, and out-of-stock information, using dashboards with innovative metrics.
Lead Time, Supply Chain and Transportation Audit. Data errors that cause shrinkage, shipped not ordered, substitutions, and shortages can be eliminated by tying a PO and ASN to the actual order and improving real time visibility across the supply chain.
POS Data Sharing to Optimize Replenishment. By sharing data, retailers and suppliers can gain insights into consumer demand, improve customer service, and better align retailer and supplier sales data.
Scorecarding Supplier Performance. Supplier and merchandise set-up and onboarding processes as well as continuing education for new suppliers should be automated. By integrating scorecarding with previously mentioned attributes, suppliers can improve their performance ratings.
Sponsors for TPI2 are Compliance Networks and Retail Solutions, Inc. and RVCF will continue to look for additional service providers and partners who can help bring this exciting concept one step closer to reality.
The overall goal of TPI2 is to meet trading partner needs for simplicity, integration and intuitiveness in data sharing and order fulfillment in order to reduce costs and improve operational efficiency. By eliminating data siloes between retailers and suppliers, and within organizations, stakeholders can find new ways to leverage existing data, produce new types of data, and use advanced tools and metrics to analyze that data and maximize its business value. With the Trading Partner Interface of the Future, data can be seamlessly accessed and shared to improve procurement speed and accuracy, increase sales and margins, reduce risk, ensure the best possible customer experience, and strengthen trading partner relationships.
Instead of having individual organizations build their own engines that eliminate the slow, error-prone process of pushing paper and e-mails back and forth, RVCF believes the future of retailer-supplier communications requires an independent, vendor-neutral engine that serves the retail industry as a whole.
We want to hear your thoughts on the Trading Partner Interface of the Future. What is needed to move the concept forward? What pain points are not being addressed? Contact Kim Zablocky at (646) 442-3473 with your suggestions. We also invite you to register for the RVCF Annual Fall Conference so you can learn more about TPI2.
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