NRF 2023 Wash-Up: What were our highlights?
NRF trend reports are everywhere this week, so we thought we’d do something different. Highlight the 5 things we actually enjoyed most about NRF.
"BI passively watches your business. Task Management creates busy fools."
And I hope I convinced you that this $5 trillion a year industry is fundamentally broken and that management in most organizations is fragmented, slow, and in-person.
Now, we all know there is a big digital acceleration going on at the moment. We’re all using communication tools like Zoom, Teams, or Slack. But no one has really figured out how to digitize management – how to join up all this management activity in a single platform.
You may say:
Well sure, they’re great at consolidating data. Beautiful graphs of business performance…but they give you no visibility of which of your team are doing what actions to drive the business.
Output without input.
I describe it as “watching the world go by”.
These are great at checking that your team is doing what they should do, but they give you no clarity on whether their action is actually driving improved business performance.
Input without output.
This risks everyone becoming “busy fools”.
So that’s why we founded Quorso – to join up management.
We connect the input activity that staff take to the output – the business performance that their actions drive.
And if you really think about that, it’s really cool.
Just imagine that you’re the COO of a big retailer (or restaurant chain, hotel group, or bank). It’s 6am and you’re sipping your coffee, flicking through your phone, and watching the sunrise at your beach house.
Quorso alerts you that you’re going to miss your sales target for beer by $2m. In five seconds, you create a new business goal: “sell more beer”.
Quorso warns you that each of your team members is already working on 6 goals, but you go ahead. Immediately, your 1000 store managers in 12 countries are alerted that selling more beer is a priority. And each receives a personalized suggestion for how to do that.
Jo in Modesto sees that her next best action to sell $2,000 more beer next week is to improve on-shelf availability of Sierra Nevada between 4-6 pm on Fridays – and that this worked for Bruce in Sacramento and 30 other colleagues. She creates a task for her team, and logs her plan in Quorso.
You finish your morning workout, check your phone and see that 278 store managers have already taken action to sell more beer, and are targeting an extra $1.2m of sales this week.
As the week goes on, you see more and more actions being taken and you end up selling an extra $2.8m of beer. You take five minutes to share kudos with Jo and the other heroic store managers.
This is just one example of what joining up and digitizing management can do for us. Think what that COO achieved in the space before breakfast.