Bangalore, India, February 2, 2023 /PR Newswire/ — prince retailis a chain of retail and wholesale stores based in Cebu City, Philippines, announced that it has successfully transformed data and handled collaboration with suppliers. vendor link, Algonomy’s Supplier Collaboration Platform.
Prince Retail leverages Vendor Link to increase visibility into supply chain processes from order to delivery to payment. Prior to implementing the platform, these were done manually via phone, text message, email, or fax, often resulting in errors and inefficiencies.
Vendor Link gave vendors access to POS data and helped them gauge store demand based on consumer sentiment, not just purchase orders. This helped with our own forecasting to improve assortment planning and inventory availability. As a result, Prince Retail gets more efficient and profitable inventory/inventory allocation across stores, resulting in more relevant promotional packs and assortments.
Prince Retail uses Vendor Link to improve collaboration between vendors and merchandising teams for operational and trade activities such as order management, scheduling and payments. Additionally, the platform enables seamless data sharing to plan promotions and programs faster and more accurately.
“Our aim was to increase transparency and improve process efficiency across our supplier ecosystem. Vendor Link exceeded our expectations. It has created a data-driven culture that has helped us make better decisions in a single day. Today’s standards.” Lina Janine GoChief Merchandising, MarketingDistribution Manager of Prince Retail.
Using Vendor Link has saved Prince Retail a lot of time in the ordering process and no longer faces the problem of buyers forgetting to submit all purchase orders for all stores. Eliminate manual and repetitive mistakes and spend more time on value-adding activities. Payment visibility is a big plus for vendors who can better track payments and improve delivery schedules.
Data sharing has made most vendor programs data-driven and more effective. Vendors can easily track their own performance and that of their competitors.
In addition, Prince Retail has less resources wasted on promotions and programs, and fewer products that do not sell well or excess inventory that results in unsuccessful promotions. Greater payment visibility also improves inventory availability.
“Vendor Link is a comprehensive web-based collaboration platform that removes operational silos between vendors and retailers by automating and streamlining end-to-end operations. Amit AgarwalSenior Vice President of Business Development, Algonomy“We are pleased to help Prince Retail reduce costs, reduce waste and improve profitability.”
Prince Retail also solved the order-to-pay cycle problem. In particular, we had problems with fast-moving consumer goods (FMCG) vendors. Disputes over several aspects such as actual quantities received, rebate deductions and discounts were often matters of settlement. Due to payment reconciliation, the retailer’s subsequent orders were often not fulfilled and stores were often out of stock.
Vendor Link served as a solution that enabled a faster and more efficient accounts payable (AP) process and increased visibility of the order-to-payment cycle from the time the supplier delivered the goods to the warehouse. The result is higher fill rates and improved inventory availability. In addition, it has enabled Prince Retail to significantly improve its supplier relationships.
About the algorithm
Algonomy, formerly Manthan-RichRelevance, empowers leading brands to reach their customers with the industry’s only real-time algorithmic customer engagement platform that unifies data, decision-making and orchestration across marketing, digital commerce and merchandising for the retail industry. Enabling you to become digital-first. With industry-leading retail AI that connects supply and demand, powered by a real-time customer data platform, Algonomy enables 1:1 omnichannel personalization, customer journey orchestration, product analytics, and supplier collaboration. Algonomy is a trusted partner of over 400 leading retailers and brands, QSRs, convenience stores and more. It has a global presence spanning over 20 countries. For more information, visit algonomy.com.