Bed Bath & Beyond Inc. is selecting Oracle as its enterprise resource planning (ERP) technology provider.
The home goods chain will implement the Oracle Cloud ERP platform and Oracle Retail Merchandising Cloud Service to provide real-time financial, supply chain and merchandising solutions. Bed Bath & Beyond will replace its existing legacy suite of technology systems with the Oracle platform.
This upgrade is the first step in the retailer’s planned $250 million investment to drive modernization and innovation in its technology platforms. This technology investment will enable Bed, Bath & Beyond to use analytics and automation to support improvements in merchandising and inventory management, product lifecycle management, retail space planning and optimization, private brand management, and real-time tracking of merchandise fulfilment within the supply chain.
In addition, Bed, Bath & Beyond will leverage Oracle Cloud ERP to provide real-time financial and operational insight to support strategic planning decisions. Bed, Bath & Beyond plans to spend a total of $1 to $1.5 billion USD in the next three years to overhaul its entire business, including technology innovation as well as the launching of new private brands, remodeling 450 stores and opening new buybuy BABY stores in new markets, and modernizing its distribution network.
"We are building authority in home, baby, beauty and wellness with a digital-first, omni-always and customer-inspired approach,” said John Hartmann, Bed Bath & Beyond COO and president of buybuy Baby. “Oracle's proven leadership and state-of-the-art technologies will allow us to better serve customers and improve the efficiency and effectiveness of our business. Additionally, the agile partnership will enable continual innovation and improvement as our enterprise evolves."
"Having the right retail technology in place is fundamental to Bed Bath & Beyond's transformation strategy and Oracle is proud to be supporting them in this journey," said Mike Webster, senior VP and GM, Oracle Retail. "By adopting Oracle Cloud, Bed Bath & Beyond will be better able to manage its continually evolving inventory, plan margins, and improve sales forecasting in a digital-first shopping environment."