With no shortage of software companies in the arena today vying for retail and consumer goods companies’ business, having a strategic approach to software selection is more imperative now than ever before.
Whether through mergers, acquisitions, or their own R&D departments, technology companies are developing new functionality to solve today’s most complex challenges across planning, merchandising, category management, supply chain, point of sale (POS), omnichannel, product development, analytics, and more. These focuses come in many shapes and sizes, and the vendor landscape changes frequently. The process of developing requirements and narrowing down the vendor list to what best fits your company’s needs and budget can become a daunting and cumbersome task. Further, with new developments in artificial intelligence, machine learning, augmented reality, and a plethora of new omnichannel innovations, it is easy for a software selection project to get side-tracked by these more “shiny objects.”