Your R.O.I & the 4 C’s – Part 1
Your Return on Investment and the 4 C’s
Part One: Creativity & Culture
This is part one of our two-piece series about RangeRoom and what “Return on Investment” looks like using the platform focusing on two crucial elements of Product development and Range building:
In the current fashion retail climate, we are painfully aware of how crucial it is that teams (who are challenged daily on their results and how efficient and productive their works is) look at what their return on investment looks like here at RangeRoom. We don’t take anything for granted and know, from our own experience in the fashion industry from both the retail and supply side, that if a technology is going to be invested in, it HAS to be adding value from day one.
When we think of return of investment in technology we often are looking at one or two key areas that will be impacted, because fashion technology to date has been developed predominantly either in the arena of creation tools (InDesign or Photoshop), production (Lectra or PLM systems) or the buying and planning side (Xcel or Centric). It’s quite rare that we look at R.O.I in technology available that spans a wider breadth of the product development process, which (because it is connected largely to the creative process) has until recently been under-serviced and often without measurable returns on investment. And that’s where RangeRoom comes in. How about a platform that brings tangible savings from not only the time and costs to teams but also saving on wastage, saving on unnecessary workloads, lead times and saving on creative time?
Looking at this in more detail across the process we think it might be helpful to examine exactly where and how you‘ll be getting the bang for your buck with RangeRoom.
1st The Creative process
From concept through to 1st samples the time and effort spent across various cross-functional teams are exhaustive. Between trend and product research and development trips, sourcing, tech pack development, the meetings that go into planning the ranges and the liaison between retailers and their suppliers’ this work amounts to an enormous, often global, effort. So it stands to reason that if you have a platform that, from day one, allows teams to share, align and (most importantly) make decisions faster and more easily, on one centralized platform, the time and ‘back and forth’ is drastically impacted. By centralising everyone’s input and information (whether that’s visual or text-based) and getting rid of the need for disparate technologies (Email here, excel spreadsheet over there, PowerPoint or Pinterest board of product images somewhere else, WhatsApp group pinging in your ear…you get the picture) there’s immediately more efficient communication and better-informed decision-making.
It goes without saying then that when teams don’t need to worry about which format (or which shared drive they should be using) they’re going to use to get their message across and can focus on the actual message and task in hand. Their creativity and the quality of the product that they’re working on is enhanced and improves. And that really is money in the bank.
So we’ve sorted out a way to help teams communicate better and so improve the product that they’re working on – great!
2nd The Culture that drives great product.
What happens on a cultural level if teams introduce technology that eases the majority of the product development process and that has transparency and accountability ‘built-in’ rather than these vital working values being something that teams look at in ‘hindsight sessions’? The impact of the level of transparency and accountability that RangeRoom provides to both internal and external teams has far-reaching cultural implications which not only bring value immediately in terms of saving time and clearer communications but also from a ‘bigger picture’ cultural point of view: A team (internal or external) that can enjoy their work and collaboration together (without a blame-culture) and can drive results and grow stronger together.
In a competitive market where the right talent makes a huge difference to a brands success and longevity, companies worldwide also have to think very carefully about how well they are doing to keep their talent engaged and happy. Considering that we’re all consumers ourselves, what happens when you’re asking your brand new team member to work with outdated and disjointed technology? Whilst we all have external customers to keep happy, we mustn’t forget that the draw of a strong, world-class brand or organization is equally about how they look after their internal customers (aka their talent) and the tools they provide to do allow them to do what they’re best at doing – be that design, sourcing, buying or marketing.
This kind of innovation that impacts teams day-to-day work also has a halo effect that has been noted by clients who have used RangeRoom. Walking into a meeting (especially as a supplier or wholesale team) with their ranges beautifully presented, easily searchable on an intuitive e-commerce style platform brings with it the kudos of what innovation and forward thinking, agile teams can mean to a client or potential client. A well-designed, intuitive platform that shows teams’ ranges in a fashion-relevant, efficient and easy way, helps build trust and a reputation. Now whilst you can’t put a figure on that, we all know that the ability to show ranges, newness and choice is vital to everyone in the room, and if you can do that from wherever you are, even from your phone if you need to, with- let’s face it – a very sexy technology, then that absolutely will influence how clients view and work with you.
So if the technology you’ve put in place facilitates better communication, collaboration and culture – all of which impact the ability to create a better product – how will that impact on your bottom line you’re asking? Why not join us for Part two: The Cut and Consumption for more information on how we can bring a return on your investment. Equally – don’t take our word for it – take a look at our R.O.I tool that helps to show you what we can impact now.