Innovate
For 2024’s competition, there are new rules for the boat crews. Any part of their body can be used to generate power to turn the cranks, which has led teams to get creative.
Instead of the sailing crew powering cranks with their arms, they are now diversifying and using pedal-power to achieve more power. The two finalists in the competition, New Zealand and Great Britain, are using Olympic rowers and cyclists to pedal bikes built into the boats to generate the power they need. This departure from the traditional method of using the upper body has seen boats generate an additional 25-30% watts produced per athlete.
We know that innovation is crucial to retail, but where could you begin to innovate for efficiency?
Using AI across your inventory management to predict demand and adjust stock levels or smart shelves with sensors that notify you when you’re low on stock, could help you to speed up order fulfilment and maintain optimum levels of inventory.
It can also help you to re-distribute your work force to maximise your efficiency, putting people to work where they are most valuable.
Automate
Another new rule introduced for the 2024 America’s cup is the reduction in squad size from 11 people to eight. This presented teams with a challenge – how to manage the same amount of work with less people.
The introduction of bikes and diverse crew members enabled teams to offset this challenge, along with upgrades to onboard electronics and software systems.
And this is something that your retail teams can do to solve increasing workloads and pressure on your margins. A 2019 study by McKinsey & Company estimated that around 50% of retail activities could be automated using existing technology. Upgrading your software systems to allow for the automation of tasks could be exactly what you need to improve performance and profit.
The ability to do more with less is critical for retailers in 2024. Automating wherever possible, using robotics for stocking shelves or self-service checkouts, for example, will free up your time and allow you to focus on agility.
Teamwork
The America’s Cup wouldn’t succeed without the teams of people who come together for a common goal. Building great teams requires knowledge of what you need and who you need.
For the 2024 America’s Cup, Great Britain turned to the Mercedes Formula 1 team to gain technological advances over their competitors. And this is a lesson retailers can learn from. Knowing how to create a good team that is cohesive and unified on the same goal is an essential skill for retailers to master. Evidence shows it’s great for business, with engaged employees contributing to a 10% uplift in customer ratings and an 18% uplift in sales.
It’s also something that requires consistent attention.
John Furner, CEO, Walmart US, says: “One thing you never want to do in retail is say, ‘We have the answer. We’ve figured it out.’ Because our customers are always changing. Regardless of how well you think you’re doing, a week from now, a month from now, there will be much more to do.
Getting clear on your objectives and always looking to the future will help you to build teams, and find members, that are cohesive, resilient and innovative.
The America’s Cup is a glistening example of what can be achieved when imagination and hard work come together. Bringing this approach into your retail brand will ensure your success for years to come.
If you need a world-class GNFR partner for your team, speak to us on +31 (0) 88 494 20 80 or email us at online@worldpack.eu.
