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Digital Dominance and Flexible Labor Models
Major crises expose the true nature of things. In the face of extreme pressure, organizations discover just how digital, agile and resilient they really are.
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Welcome to the June edition of Industry Insights for Consumer Products and Retail
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At a price tag of almost $50 billion per year,[1] retail industry losses due to inventory shrinkage are significant. Measuring inventory shrink is a must because it directly impacts gross profit and businesses cannot improve on what they cannot or do not measure — and inventory is no different.
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Finance leaders in the retail and consumer packaged goods (CPG) industries plan to continue to address major priorities created by the e-commerce boom, market disruptions and the growing expectations around social accountability.
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Shrink has long represented a significant challenge for retailers. Unfortunately, during a time of tightening margins and declining sales, the issue shows no signs of withering away.
According to the 2020 National Retail Security Survey of the National Retail Federation (NRF), shrink is at an all-time high.
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In the annual top risks survey conducted by Protiviti and NC State University’s ERM Initiative, retail executives identified pandemic-related government policies as their top risk issue for 2021 and beyond. Retailers also listed a deterioration in market and economic conditions, and talent retention and acquisition challenges among their top risks.
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Finance leaders in the retail and consumer packaged goods (CPG) industry have been leading their organizations’ efforts to manage and adapt to challenges produced by the global pandemic. Many of these persistent pandemic-related challenges will continue to be a primary focus for finance leaders over the next 12 months, along with new and emerging priorities.
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Across many retail and consumer goods categories, companies are contending with talent shortages that have increased labor costs,
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Privacy, cyber breach, user access and data governance dominate the top technology challenges for consumer packaged goods (CPG) and retail organizations, according to the annual ISACA/Protiviti Global Survey of IT audit leaders and professionals.
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The Big Ask
Even under normal conditions, creating a global supply chain capability from scratch is a complex and grueling endeavor. When a large U.S.
