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Monthly Archives

February 2016

Does Your Forecasting and Inventory Replenishment Software Prevent or Encourage Fires?

baby-its-cold-outsideHow often I walked into the corporate office of my former employer and thought ‘whew, is it HOT in here’? Knowing I was headed for budget and planning meetings that were going to steal my day with the end obvious result: wrong products and /or wrong locations.

How can you survive when customers expect new product almost monthly? The expectations of customers and the resulting changes to their shopping habits have been dramatic in the past 3 years. In the past a retail/ wholesale company could change product assortments 2-4 times a year to keep customers satisfied. Today social media has forced a new world order where product assortments need to change monthly to meet customer expectations. How do you respond? The great ‘idea’ is to find new sources and buy new products more frequently, operating more like the grocery industry has for years, right?!?! (just pretend the 60+ day lead times will not matter)

 

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the-internet-of-things-is-bound-to-make-an-impact-in-your-demand-forecastingThere’s a lot of buzz surrounding the Internet of Things (IoT). With Nest Labs’ line of household connected devices and Amazon’s new Dash Button for reordering groceries, customers are getting used to more and more connectedness in their day-to-day lives. Retailers too are trying out ways to be not only more connected to customers but also to connect disparate parts of their business operations by adding connectivity to everyday things. RFID chips in packaging can track inventory from source to customer and provide all kinds of valuable data, as well as lower shrinkage. Digital signage and shelf tags saves labor and reduces pricing errors. With all the new and exciting things that the Internet of Things can bring to retail, it’s shocking how behind the times most inventory planning and replenishment software is.
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