Digital Business Models in Retail

Credit is a sales driver in retail.  If your business offers access to credit, then you are likely to secure sales that you may not have gotten otherwise.

Online retail has seen an incredible uptake since the beginning of the pandemic, and retailers have had to adapt quickly to harness those who prefer online shopping to braving the virus ridden malls.

Torch Solutioneers™ worked with a JSE listed retail customer to evaluate their current credit application process from both the internal teams’ perspective, as well as from the customer journey point of view.  What we found was a lot of friction and manual highly repetitive in-person processes.

What’s the worst thing about an application?  Data capture! The submission of the documentation, if you are the customer, and the capture of the documentation, if you are the service provider.  Digitising the document capture at the source is the key efficiency driver in any application process.

Torch documented the As-Is process through a series of discovery workshops and our Lean Consulting team re-engineered the process to optimise for efficiency taking onboard the input of those most familiar with the customer and the process every step of the way.  We recommended a combination of 4IR technologies such as artificial intelligence (AI), robotic process automation (RPA) and machine learning (ML) all working together to digitally transform this manual process.

Our Solutioneers™ findings and recommendations

  • reduced 42 manual objective and subjective human steps to only 7 subjective steps.
  • Identified a time saving of a potential of 299 man hours per year.
  • Reduced the time the application takes to be processed, end to end, by over 50%.
  • Gives his retailer a competitive edge – the quickest in their market to approve this type of store credit online.
  • Digitises and centralises the credit application across the national foot print of over 260 stores.
  • Eliminates the need for the customer to apply in-store.

This project delivers a market leading application process driving for internal efficiency gains from store management all the way up to the C-suite, as well as an improved time to revenue, a doubly positive effect on the bottom line.

If you know you have an inefficient process that needs to be digitalised but don’t have the time or resources to tackle it, talk to our Lean Consulting team today about the business problem you want to solve.