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Stuart Dunkin

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Stuart Dunkin (Stuart Dunkin)

  • Email: sdunkin@data-profits.com
  • Nice Name: stuartd
  • Website: http://www.data-profits.com
  • Registered On :2016-02-18 17:16:31
  • Logged in at: StuartD
  • Author ID: 9

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Data Profits Releases 4 Easy Replenishment Ideas that Adapt to the Digital Age thumbnailATLANTA, July 20, 2017Data Profits, a mid-tier retail and wholesale demand forecasting and replenishment SaaS system, releases a new video: “P’s of Retail”. This video highlights four ideas that need focus in replenishment software for retail/ wholesale business to thrive in the digital age. Data Profits, highly popular blog has argued against several publications that claim retail ‘brick and mortar’ is dead. Explanations for the death of ‘brick and mortar’ point to the failure of retail technologies to adapt the digital age. Legacy forecasting and replenishment systems do not have the technology needed to adapt fast enough to the market shift brought in by digital technology.

The failure of a replenishment system to adapt to the digital age has a drastic impact. Retail fallout of 2017 is like a tornado, there are no boundaries for retail chains big or small. Payless, Macy’s, Sears, Michael Kors, American Apparel, all are shuttering retail locations at a rate that passes the mass exodus of 2008. The retail door closing of 2017 is expected to be 10,000 locations in the US.

Data Profits’ Video: “P’s of Retail”

Our new video helps explain the 4 P’s of marketing which are essentials of retail. Any changes made by a brick and mortar retailer are reflected in one of the 4 P’s of Retail: Product, Place, Price, and Promotion often called the Marketing Mix. An inventory replenishment system must be able to demand forecast the impact of the digitally impacted shift accurately by product, place, and promotion. The replenishment system must also have automated, user defined alerts to exception manage the critical pieces of the business. Most legacy systems do not have demand forecasting, only sales forecasting. The legacy systems do not include lost sales in the forecast recalculations. Most legacy retail replenishment systems are only using two or three forecast algorithms. While their forecasting ‘may’ include even 500 methods, the forecast errors are huge and slow down the movement of inventory to better locations when forecasting slow and intermittent demand.

The basic P’s of Retail Forgotten

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Retail technologies have overbuilt locations to the point ‘strength in numbers’ is no longer true. The failure of retail forecasting of product and place is clear as each week we see additional store closings. In an interview on Fox Business News with former Saks CEO Steve Sadove said “It starts with the product and the experience, that’s why people go to stores. The brick-and-mortar retails have to fundamentally change. And they have to fundamentally change quickly. The world is evolving around them faster than they anticipated,” For every store, it is going to have to be a different answer. It’s going to be a unique product.”

 
 
 

Applying P’s of Retail

The P’s of Retail are the critical elements to success and failure in retail. Online or ‘brick and mortar’ each has a responsibility to focus on the P’s of retail. A critical part of retail in the digital age is finding a demand forecasting and replenishment system that can adapt inventory replenishment plans rapidly and demand forecast accurately in the digital age. The basic P’s of Retail must remain the focus and finding technologies that can adapt fast and accurately is critical to survival and success.

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About Data Profits (www.data-profits.com)


Data Profits provides mid-market retailers, distributors and grocers with meaningful insights into inventory management, helping them identify opportunities to improve their demand forecasting and increase profits. After spending more than two decades working with top-tier retailers and software suppliers, Stuart Dunkin founded Data Profits in 2007 with the goal of facilitating the relationship between demand forecasting data, business goals and people. Developed from the ground up as a flexible SaaS solution, iKIS™ by Data Profits delivers a set of critical abilities including demand forecasting, inventory replenishment, collaboration with deep demand forecasting visibility, and proactive management alerts. Using iKIS™, teams can work within one business network to see immediate results on demand forecasting activities. Data Profits’ real-world experiences demonstrate solid thought leadership with a 30-day install that returns significant ROI for customers in 90 days, driving actions to “Tighten the Links in Your Chain™.”

 

Contact
Tammy Canale
168916@email4pr.com
Ph# (770) 574-4100 ext. 227

What Demand Forecasting tools are needed in your Demand Forecasting software? Watch and learn in 2 minutes the questions you need to ask when reviewing demand forecasting software. SlideShare lists 3 critical things missing in 80% of inventory replenishment and demand forecasting software today. Learn how these three things react to the new internet of things world of your customer. These 3 things have contributed significantly to the record high store closings expected in retail this year, over 17,000.

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Are Retail Stores a Dinosaur waiting on the Big Asteroid IoT to Hit?

Are Brick Stores Really the Dinosaurs of Retail?

When will the asteroid IoT (internet of things) change the retail landscape into a permanent waste land? Some claim retail brick stores are a dinosaur waiting for the big asteroid IoT to hit and end it all. Many say retail is at the end of its days and point out how giants like Sears are almost extinct.  Writers and consultants highlight how the IoT is tearing away at the basic ‘how to make money in retail’ assumptions. I cannot count the number of columns written that say retail stores are the showroom for Amazon and eBay. There are hundreds of software companies that ‘claim’ to have the magic mobile solution to solve the showroom crisis and meet the IoT threats. Don’t see that working out so well either…
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3- <p>Shocking-Demand-Forecasting-Software-MistakesYou Are Probably Experiencing these Forecasting Problems

Demand Forecast should be a forecast of future need from your customers.  Most people fail to notice the little things wrong in their forecasting software that result in expensive over stocks and out of stocks. The 3 hot issues are: integer based forecast (whole number forecast), big data not being used in the forecasting math and demand planning software used for demand forecasting.

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Quick 3min Video Results to Demand Forecasting VS Sales Forecasting for Inventory ReplenishmentWe know millennials along with the rest of us learn better watching a video. YouTube and others have littered the internet with misinformation they call demand forecasting. Because the software says demand forecasting doesn’t mean it is demand forecasting, ha – obvious, right? Did you know there are differences in demand forecasting and sales forecasting? Google ‘Demand Forecasting videos’ and the top results are all using sales forecasting methodology, Not Demand. The inventory results caused by people using sales forecasting are costing companies millions of dollars. If demand forecasting and sales forecasting for inventory replenishment are the same, why use two different words: demand and sales? Most forecast videos talk about forecasting techniques and at some level forecast algorithms. The truth is the forecast algorithms for demand forecasting and sales forecasting can be the same. The key difference between demand and sales forecasting is the data being used in those algorithms.
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See Differences Between Demand Forecasting and Sales Forecasting for Inventory ReplenishmentATLANTA, April 27, 2017 – The Data Profits Team has noticed the most Frequent Question we receive is “What is The Difference Between Demand Forecasting and Sales Forecasting?” In fact, our most-read blog of all time deals with this subject. Even though this blog post is over 5 years old, it still attracts thousands of users to our website www.data-profits.com each month.

Data Profits’ goal is to educate our customers and readers/viewers of our blogs, SlideShare presentations, and YouTube videos.

Data Profits’ Video: “See Differences Between Demand Forecasting and Sales Forecasting for Inventory Replenishment”

We realize that millennials and others learn better by watching a video rather than reading a blog. Therefore, we introduced a new video that helps explain the Difference Between Demand Forecasting and Sales Forecasting. Click Here to watch our new video. Even if you feel you know Difference Between Demand Forecasting and Sales Forecasting, you may pick up a few tips for educating others.

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End-to-End Customer Supply Chain Collaboration Data Profits’ Provides Tools Needed for Omni-Channel SuccessAtlanta, March 16, 2017 Data Profits provides Distributors, Retailers, and Wholesalers with Demand Forecasting and Inventory Replenishment Collaboration tools needed for Omni-Channel success.

Data Profits goal is to exceed our customers’ expectations with new tools needed for end to end collaboration. Unlike our competitors, we allow customers to determine the tools screens, alerts and degree of collaboration they extend to their users and suppliers.

Data Profits’ Demand Forecasting Difference

Many demand forecasting and inventory replenishment collaboration solutions do not allow real time data access to vendors. Legacy software reporting solutions are NOT end to end collaboration. Data Profits’ delivers real time access to data, also allowing vendors direct access to the demand forecasting and inventory replenishment tools.

Real time requires safeguards in place to protect the information you want to share. Data Profits developed a user security structure that allows our customers to define product/ locations a user can access and options to view only or make changes to demand forecast, orders and settings. iKIS™ user data security structure empowers customers with real time end to end collaboration. Whether information is received via our Reporting Solution with reports scheduled and emailed to all relevant users or signing into the live data in the system; security is extended based on products, locations, roles, management level and company. Also, iKIS™ has custom configurable user alerts auto sent to users when critical events occur. Ever have a promotion that sells faster than demand forecast, how long did it take you to notify the supplier and then take an action. Imagine a customer alert for that promotional item which anticipated the need to order more merchandise and sent a message to supplier with the product, location and inventory replenishment required before you ran out!

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Data-Profits-Announces-Inclusion-in-Gartner-Groups-2016-Market-Guide

Powerful SaaS Software Provides Retailers with Superior ROI via Unique Forecasting & Replenishment Business Intelligence Capability

Atlanta, Georgia – February 2, 2017 – Data Profits Inc. (www.Data-Profits.com), a leading provider of mid-market retail forecasting and replenishment software, is proud to announce that they have been included in the prestigious Gartner Inc. 2016 Market Guide for Retail Forecasting and Replenishment Solutions for the fifth time. Vendors included in the 2016 Market Guide are scored on an array of capabilities including customer size, geographic area served, being hosted on a common technology platform, as well as multi-channel planning capability, solution quality and accuracy. Read More

The-Little-2013-Holiday-Demand-Forecasting-Mistake-that-Cost-ThousandsWith the holidays right around the corner, demand forecasting is the name of the game in the retail sector. Making up 20% of gross sales across the industry and as much as 30% total, ensuring that your business is in position to reap as much business from the holidays is important. But to do so takes more than just filling the stockroom with overstock, ensuring that you are efficiently taking advantage of stock requires an intimate knowledge of the community demographics on top of examining past sales data, something no spreadsheet or home brew system can offer.

Ensuring Your Systems are Working Efficiently

The big problem with most demand forecasting solutions, regardless of the season, is that they only look at historical data. While this can definitely give insight into roughly how business should be doing, and might help with scheduling and human resources, it’s no where near accurate enough to rely on for accurately predicting demand in the future.

By taking a look at a combination of different elements, demand forecasting software helps you improve efficiency by ordering based on what will sell, instead of ordering what may sell, leaving the remainder to sit in the stockroom. Inventory not on the sales floor isn’t working to increase profits, and is doing you and the company a disservice.
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the-big-reason-your-demand-forecasting-replenishment-software-creates-fear-and-surpriseOne of my rights of passage as a kid during this time of year was a trip to a Haunted House. To this day I love a good haunted house.  It provides the opportunity to forecast what will pop up where and when. What room has the chainsaw, when will the plastic skeleton pop up, and how awful are the sound FX and music as I wander into the spooky dark places. Funny how quickly I can connect with the scary things that happen to companies using old (legacy) Demand Forecasting & Replenishment software that had core development more than 5 years ago. With a consultant brought in who cannot even explain the differences between demand and sales forecasting; you have a really scary (expensive) house of horror. A current event highlights new markets are being created in days and your legacy software was never designed to meet the scenarios we are faced with in our supply chain all the time now. The Ken Bone costume that was born from a presidential debate in a matter of hours. While your demand forecasting has no way to predict this event, how many of you have custom alerts in your system that you can use to highlight specific events and business rules? Read More