Having an effective Supply Chain Management (SCM) strategy forms the basis for the prosperity of retail firms. SCM deals with the business flow associated with tangible goods from Suppliers to Manufactures to Wholesalers to Retailers. A good Supply Chain Management (SCM) strategy, if implemented well can help retail stores in controlling their inventory levels, product quality, expenses, & lead times of product delivery.
The retail industry is undeniably one of the most profitable of all the industries.
Regardless of the nature of the retail business, retailers need to have robust Identity Security for managing and securing their identities.
Identities in Online Retail Transcend Human Users
In the USA, like the rest of the world, there has been a huge boom in the online retail industry―you name any retail sector, be it electronics, or apparel or automobile, the online retail industry is flourishing year after year. The retail industry is different from other industries because of the way it is positioned; it is based on a unique model where you can find a blend of different types of workers, including seasonal workers, temporary contract workers, and permanent workers. Due to this, the identities in the online retail industry transcend human users (suppliers, manufacturers, contractors, & end customers) to include other entities such as machines and software bots/Robotic Process Automations (RPAs) for faster checkouts and resolution of customer queries.
A Reliable, Automated, & Intelligent IAM Platform is The Key For Enterprise-Grade Security
It is imperative for retailers to have a secure Identity Management platform that enforces the least privilege access model for managing every single digital identity across the entire IT infrastructure. Restricting the access rights to users based on their roles ensures that they don’t get access to resources that aren’t intended for them. Thus, this reduces the risk of data theft by unauthorized users. Research suggests that there has been a growing trend of retail firms spending exorbitant amounts of money on automating their manual processes and failing on compliance requirements. A reliable, automated, and intelligent Identity Security platform that is AI-driven along with a proper Identity Governance framework can overcome the aforementioned challenge that most retail firms are presently facing. Identity Governance ensures the compliance of regulatory laws and company policies and also provides total visibility about who has access to what resources across the entire enterprise.
Advanced CIAM Solutions For Retail Firms
Retailers must be able to take advantage of the actionable data they gather along the customers’ buying journey for remarketing, cross-selling, & upselling their product lines. This approach can help retailers increase their brand visibility and profitability. That being said, sophisticated Customer Identity Management (CIAM) solutions for the retail sector must be capable of:
- SSO with Multi-Factor Authentication
- Automated lifecycle management of user identities.
- Automated SOD
- Federated SSO
- Self Service account/access request portal
- Advanced analytics
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