Omnichannel Revenue Management – What Skills Do You Need to Help a Supply Chain?

May 9th, 2018

Last year, omnichannel exploded as a retail strategy. The quantity of online retailers that went brick-and-mortar and the number of traditional retail companies that went online recently highlighted the need for businesses to develop a smart omnichannel operations.

For supply chain professionals, this means there will be an increasing demand for skills related to boosting sales and optimizing market share. The following is a list of skills that will continue to have essential value during the continuing embrace of omnichannel.

Networking and relationship management

Relationship management skills are crucial for Omnichannel revenue managers, who must deal with people both inside and outside the organization. Internal stakeholders include key personnel from all departments, such as data analysts from the IT department or financial executives who control the purse strings. Beyond the customer taking the top priority, an Omnichannel Revenue Manager must prioritize the many relationships that extend outside an organization, such as relationships with freight carriers.

Paying attention to suggestions and delivering effective feedback are both crucial skills. It is also helpful to be effective at managing conflicts of interest among relationships while keeping the company’s strategy intact. These relationship management skills help maximize profit and keep costs down.

Passion to be the best

Omnichannel revenue managers should enjoy hitting their targets and love exceeding them. The job is based on revenue budgets and making certain they achieve them. Insightful revenue managers know precisely how far off they are for any given month and are always dedicated to closing any gaps.

They are also acutely aware of the competition and want to work towards dominating the market. This competitive passion helps to inspire and focus the revenue manager’s team and is a quality that ought to be encouraged in team members.

Critical thinking

Critical thinking skills separate great revenue managers from the rest of the pack. These professionals must enjoy digging into data and reports every day they are on the job. Omnichannel revenue managers can swiftly identify trends, spot outliers and pinpoint opportunities by using the information in front of them.

Being familiar with data is one thing, but taking fast and decisive action based on it is another. For instance, a skilled revenue manager can quickly adjust pricing and availability based on a daily report. Revenue managers also need to recognize the significance of tracking the macroeconomic factors, like the effects of political factors, and emerging demographic forces. Being flexible and responsive to these shifts will play a major role the company’s ability to achieve its targets.

Also, recognizing the cost of distribution for each market segment is essential for a revenue manager. Having this ability allows the company to make better decisions.

Technical ability

Omnichannel revenue managers have to be at ease with IT systems and know how to make the most out of them. They should be able to adapt quickly to new technologies and open to all the opportunities that technology offers, as opposed to complaining about the latest changes and updates.

Start working with a supply chain recruiter

At ZDA, we support hardworking managers by supplying them with custom talent acquisition and service solutions. Contact our leading supply chain recruiters today to find out how we can help your company.

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