Beyond Best Practices to Next Practices: What is iSBT?

iSBT
iSBT provides a ready-made solution that can boost sales, reduce inventory costs, accelerate cash flow, help with shrink control, and eliminate both diverted units and forward buying practices.

Scan-based trading (SBT) has proven increasingly popular since the earliest proof-of-concept tests in the mid 1990’s. However, traditional scan-based trading has long had room for improvement. Nexxus Group’s iSBT platform raises SBT to a new level of innovation, intelligence, and efficiency. Take a look at some of the key factors that make iSBT stand apart and above previous SBT solutions.

The traditional SBT model offered a relatively limited band of communications between suppliers and retailers. The supplier shipped goods to the retailer, the retailer sold the goods to the consumer, and the consumer paid the retailer. The retailer then sent a sales file, a remittance file and payment back to the supplier.

This simple model failed to advance for several reasons. SBT systems pushed a technically-limited, one-size-fits all solution onto retailers and suppliers. No one company set a standard, and no one put the necessary effort into refinements.

The iSBT model allows for both ends of the equation to transmit and share much richer and more complete data. In addition to scanned sales, remittances and payments, Nexxus’ intelligent, innovative, and intuitive SBT alerts suppliers to additional data points including inventory fluctuations as well as store openings and closings to ensure timely, successful delivery of goods.

Suppliers and retailers can also benefit from iSBT’s intelligent price book. This feature includes product setup, price changes (authorized and documented), store level assignment verification, payment validation, and discrepancy resolution. This directly reduces mistakes and takes work off both suppliers and the retailers’ employees. 

iSBT’s inventory management features complete this platform’s dynamic leap forward. Inventory management features include tracking of perpetual inventory, validation of perpetual versus actual counts, advice on reorders and out-of-stock reduction, shrink calculation, shrink payment administration, issue resolution, and exception management.

This powerful array of features grants retailers and suppliers a granular, end-to-end analytical insight into the supply chain that they could never hope to achieve within the limits of traditional SBT. You can’t manage what you can’t see, which is why this “X-ray vision” means so much for organizations trying to optimize sales, inventory maintenance, and sell-through procedures.

Nexxus Group’s iSBT model helps companies achieve four key stages in intelligent scan- based trading:

  1. Synchronization of item, price, and promotional data between suppliers and retailers
  2. Exchange of item-level sales data, giving suppliers access to store-level item movement
  3. Negotiation of inventory shrink ownership terms and conditions for fair risk distribution
  4. Implementation of new procedures to maintain perpetual inventory and generate invoices from the point of sale data

The  majority of companies relying on standard SBT options can’t even achieve Step 1 on this list with their current technologies and practices. Fewer still have found ways to advance to the “gold standard” of full SBT implementation. iSBT provides a ready-made solution that can boost sales, reduce inventory costs, accelerate cash flow, help with shrink control, and eliminate both diverted units and forward buying practices. 

Best practices only count as “best” until something better comes along, and that something has arrived in the form of iSBT. If you’re ready to move your company into a more prosperous future by embracing the power of this state-of-the-art-solution, contact Nexxus Group today to learn more about what iSBT can do for you.