Mikael Lyngsø, CEOMikael Lyngsø, CEO, Stibo Systems never misses his daily run and makes it a point to put the track ablaze with a blistering pace. He understands that whether in a race or in business, one needs to be agile and goal oriented. He also recognizes the importance of keeping an eye on the end result. This is why, at Stibo Systems, he constantly encourages his team members to listen to their retail customers. “The simple reason is we want to understand our clients’ unique business challenges and help them design a well thought-out data management program that, in essence, teaches them to walk before they run,” says Lyngsø.
By keeping a close watch on consumer buying trends, Stibo Systems stays onestep ahead of the changing retail landscape through its Master Data Management (MDM) solution. With the emergence of a variety of channels, an abundance of product options, and easy online price comparisons, retailers now understand that customers are demanding greater service and lower prices. “MDM solutions enable retailers to optimize inventory levels and streamline onboarding. This allows them to speed time to market, reduce returns, and improve up-sell/crosssell conversions across a multitude of devices and channels,” states Lyngsø.
Retailers today are facing additional competitive pressures. With an abundance of product options and the emergence of mass personalization,consumers now have higher expectations and have become more price sensitive leading to less brand loyalty than in the past. Retail and brand manufacturers must also prepare for the consumer who researches,compares, reviews, and evaluates products and brands before making a purchase decision.
Stibo Systems’ Multidomain MDM platform, STEP, is a single enterprise system that allows organizations to understand and derive business insights and operational efficiencies. This is achieved by integrating views of products, customers, suppliers, assets, locations, and other critical data assets that exist within disparate internal business units and functions across the enterprise.
Managing information and synchronizing it across channels has become a pressing priority for retailers who are implementing an omnichannel strategy. Stibo Systems’ STEP helps retailers improve profitability, performance and the customer experience. Industry leaders rely on Stibo Systems to provide crosschannel consistency by linking product and customer data, suppliers and other organizational assets which enable them to make more effective decisions, improve sales and build shareholder value.
Stibo evolved its MDM/PIM solution to enable retailers to speed time to market, reduce returns, optimize inventory levels, and streamline on-boarding
Stibo Systems understands that master data can take the form of product, customer, supplier, location and asset information in addition to any information source needed to drive a business. STEP helps retailers efficiently manage master data in a central repository and provides them with a single authoritative view of information that eliminates the costly inefficiencies that are caused by silos of data. More specifically, STEP streamlines product onboarding so retailers can get products to market faster. The solution also supports new product introduction workflows which increases assortments, provides reference items to improve crosssell and up-sell conversions, and enables marketplace/showrooming capabilities.
STEP helps clients such as Best Buy, Target, Oriental Trading and Sears achieve an increase in both up-sell and cross-sell conversions and synchronization between digital and physical channels. figleaves.com, an online seller of branded intimate apparel which sources its products from brands like Calvin Klein, DKNY, D&G, and Moschino, recognized the need for a MDM solution in order to sustain and extend its reign in the market. Their immediate choice was STEP, which upon implementation helped figleaves. com manage and publish complex product information across multiple channels from a central data repository. STEP also helped the retailer accelerate the time to onboard and market new products and gain control of product image management. Further, STEP strengthened their up-sell capabilities by offering buyers complimentary offerings based on like-products.
Continuing its journey towards excellence, Stibo Systems wants to amplify their growth rate by increasing output and enhancing sales by regional and vertical expansion. Lyngsø believes that the collaboration with solution providers, industry experts, and technology vendors will help keep the company agile and on track towards exceeding its future goals.