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Monthly Archives

June 2012

Improving Forecast-Accuracy-Delivers High ROIBusiness Intelligence Tools Deliver Consumer Insight and Demand Forecast at New Levels of Detail and Accuracy

Atlanta, June 28, 2012 – Data Profits (www.data-profits.com), developer of the iKIS™ solution which delivers demand forecasting, inventory management, and collaboration tools to leading wholesalers/distributors, suppliers, and mid-tier retailers, announced today a recent installation in a top 100 consumer electronics retailer which resulted in improved forecast accuracy from 16.9 percent to 98.2 percent with return on investment realized in the first 60 days.

“In today’s world of technology savvy consumers and big data, retailers must find an efficient way to merge business intelligence, forecasting and customer insight into usable information that creates results. Our recent success showcases the return on investment our iKIS solution provides by translating the retailer’s big data into consumer insights,” said Stuart Dunkin, CEO of Data Profits. “Unlike legacy systems in the market that have simply upgraded to a web interface, our software is built to work online, analyze the huge amounts of customer data at high speeds and translate the analysis into consumer insight – demand forecast. As you can see in the recent example, this provides a very accurate demand forecast.”

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In today’s world of technology savvy consumers and big data, retailers must find an efficient way to merge business intelligence, forecasting and customer insight into usable information that creates results.  We recently worked with a top 100 consumer electronics retailer on an installation of our  iKIS™ solution which resulted in improved forecast accuracy from 16.9 percent to 98.2 percent with return on investment realized in the first 60 days.

Unlike legacy systems in the market that have simply upgraded to a web interface, our software is built to work online, keep data secure, analyze the huge amounts of customer data at high speeds and translate the analysis into consumer insight – demand forecast.

Why Does Forecast Accuracy Matter?

Several studies (Gartner, Dr Mentzer, others) consistently show that forecast accuracy delivers a 15% shareholder value increase. The problem is many legacy software apps just do not deliver good forecast accuracy. Using a recent example lets look at the problem and the opportunity as many companies have the same issues and opportunity.
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As founder and CEO of Data Profits, welcome to the Data Profits Blog. Our goal is to provide you with meaningful insights into inventory management, helping you identify opportunities to improve your supply chain and increasing profits. Our solution, iKIS (“Internet’s Keeping Inventory Simple”) provides a SaaS-based solution that retailers trust with one of their largest investments — their inventory.

Data Profits’ BI tools deliver consumer insight and demand forecasting at new levels of detail and accuracy. Merging BI analytics, demand forecast and planning tools with vendor and buyer collaboration provides clear, accurate, and extensive knowledge of consumer buying habits allowing retailers to reduce inventories but stay in-stock with the right products at the right location, delivering increased sales for Data Profits’ customers.

 

One recent successful implementation with a top 100 retailer resulted in market leading outcomes:

  • 25 percent inventory reduction
  • More than 3 percent same store increase in sales and gross margin
  • More than 90 percent forecast accuracy

All in less than 90 days.
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