Data Profits, Inc. http://www.data-profits.com Tighten the links in your chain Mon, 20 Oct 2014 21:44:24 +0000 en-US hourly 1 Stop! 3 Essential Inventory Optimization Elements to Add that Increase Profits http://www.data-profits.com/blog/stop-3-essential-inventory-optimization-elements-add-increase-profits/ http://www.data-profits.com/blog/stop-3-essential-inventory-optimization-elements-add-increase-profits/#comments Tue, 16 Sep 2014 10:33:27 +0000 http://www.data-profits.com/?p=7349 Is Your Inventory Optimization Solution Actually Leading to Profits? The Inventory Optimization link in your chain is a critical piece to increase profit. How much inventory do you carry to meet future service goals without overstock and high carrying costs? How often should you reorder, acquisition costs like inventory carrying costs will reduce profits. Your […]

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Stop! 3 Essential Inventory Optimization Elements to Add that Increase Profits

Is Your Inventory Optimization Solution Actually Leading to Profits?

The Inventory Optimization link in your chain is a critical piece to increase profit. How much inventory do you carry to meet future service goals without overstock and high carrying costs? How often should you reorder, acquisition costs like inventory carrying costs will reduce profits. Your inventory optimization solution needs to balance how much to carry, how often to reorder, demand rates, gross profits, pick quantity, supplier minimum, and business rules with a methodology (the math) that maximizes your profits while minimizing your risks.

What is the Right Amount of Inventory?

Proper inventory levels are key to ensuring the overall success of your business – too little, and you cannot meet customer demands; too much, and you are throwing money out the window. If your current Inventory Optimization solution is not allowing your business to provide consistent fill rates without overstock or out-of-stock inventory levels, you are not seeing the profits you should be. If you want to make sure that your inventory levels and profitability are where they should be, you need an inventory optimization solution that actually makes it happen.

Inventory Optimization needs accurate Demand Forecast

98% of supply chain systems are using sales forecasting methods & call it demand forecasting - Sales Forecasting is a measure of the market response; it is not a measure of market demand. The problem with sales forecasting is that simple; the most accurate sales forecast is only a measure of market response to what you had available.

Key Elements of New Inventory Optimization Software

Inventory optimization is about much more than the amount of stock available in an organization. There are several key elements that inventory optimization solutions should provide to ensure maximum profitability through optimization.

Vendor Minimums

Vendor requirements vary across all channels, and your inventory optimization solution needs to take all of these requirements into consideration at the point of ordering, including:

  • Minimum Unit of Measure Requirements - Some vendors have strict minimum order requirements that can include the number of ordered units, a set dollar amount, or full or partial truckloads.
  • Specific Delivery Times - Vendors deliver on specific days, to specific locations, and during certain times. These requirements often result in additional carrying costs that must be addressed for maximum profitability.

Inventory optimization solutions need to include these factors, as well as the amount of items that must be sold within a given period to comply with those minimums to ensure proper inventory/profitability levels.

Multi-Tier Pricing

Most businesses order items in bulk to ensure the best deal at the time of purchase. However, saving money on the front end does not mean improved profits later on. Inventory optimization requires strict detailing and application of the carrying costs required for each product to determine the best pricing tier for your organization. Purchasing the proper amount at a good price is much more important than too much inventory at a cheap price.

Shelf Life Considerations

Carrying optimal levels of inventory means that your products move before they expire. Products that reach the end of their life cycle become waste that eats into profit margins. Understanding and applying shelf life ramifications to inventory orders will ensure less waste at the end of a product cycle to increase profits.

An effective Inventory optimization solution will focus on carrying the lowest levels of inventory across all channels that still allow your business to meet consumer demands. Your inventory optimization solution should also incorporate the actual costs of acquisition and the carrying costs associated with each product to ensure increased profits through enhanced ordering. When your organization is able to utilize enhanced ordering capabilities, your fill rate consistency improves, and stock levels are maintained at optimal levels without unnecessary overstocks or out-of-stocks. Together, these benefits result in increased profits - all through inventory optimization solutions that actually work for your organization.

Inventory Optimization - This is No Place for Excel

There are many moving data points that your inventory optimization solution should be using to deliver results. Today we bring up some of the most forgotten elements of inventory optimization:

  • Vendor Minimum - Many vendors require a minimum purchase.
  • Multi-tier - Vendors and Suppliers like and reward quantity purchases.
  • Shelf-Life - Many products cannot sit on the shelf forever.

I have seen more than one consultant bring out an Excel spreadsheet as an inventory optimization solution. When our customers ask my thoughts about Excel based inventory optimization, I always answer their question with a question. How long do you think the Excel based result will be good for your business? Answer - only until something changes: add new products, change pricing, and/or product demand forecast change due to the market or seasonality. Any changes will impact the inventory optimization results. In other words, the inventory optimization solution someone created in Excel is accurate for a day, maybe a week and that’s not even long enough to drive any new profit. Even the best Excel workbook is not dynamic and is probably missing several of the elements we mention today. Your goal is to find what the right elements to include in your inventory optimization and then find a software solution that can support your business and achieve a good ROI.

Start Reviewing, there are Many Opportunities

If your inventory optimization solution is not providing you with increased profits and enhanced customer service while decreasing overall inventory levels, it’s time for a better solution. Data Profits provides cost effective, unparalleled inventory management solutions. If you need a fast, reliable solution, canadian viagra paypal today.

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7 Reasons Demand Driven Is More Than a Buzz Word http://www.data-profits.com/blog/7-reasons-demand-driven-is-more-than-a-buzz-word/ http://www.data-profits.com/blog/7-reasons-demand-driven-is-more-than-a-buzz-word/#comments Tue, 09 Sep 2014 10:37:52 +0000 http://www.data-profits.com/?p=7340 What Do You Really Know about Demand Driven Demand Driven sounds impressive doesn’t it? Sales and marketing people keep saying you need to be ‘Demand Driven’ and let’s be honest, most marketing and sales folks are like politicians, they can say a lot that sounds amazing but do very little to support their message or […]

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7 Reasons Demand Driven Is More Than a Buzz Word

What Do You Really Know about Demand Driven

Demand Driven sounds impressive doesn’t it? Sales and marketing people keep saying you need to be ‘Demand Driven’ and let’s be honest, most marketing and sales folks are like politicians, they can say a lot that sounds amazing but do very little to support their message or meaning. To understand the importance of Demand Driven, you need to identify what is true and what is false about Demand Driven concepts, otherwise the Buzz Term Demand Driven just becomes a Buzz Kill.

True or False: What Do You Know About Demand Driven Concepts?

Demand Driven is an essential link in the supply chain for Omni-channel retailers and wholesalers. It may surprise you how much you do not know about demand driven and the value it offers your company. We have prepped seven questions that highlight key aspects or concepts for a demand driven supply chain.

Considering more ideas for your business using demand driven concepts? Gain insight into methods that just work in today’s modern supply chain.

Take the Demand Driven Test

Ready to test your knowledge, let’s head back to school for a true/false test, as we look at what we Really Know about demand driven concepts. Relax, unlike school tests, this test is not scored for a grade.

Select either True or False for each of the following 7 test questions:

  1. True or False? Demand driven supply chains have been helping companies for over a decade; it is nothing close to new.
  2. True or False? With the rapidly changing consumer habits which create shorter response times for retailers coupled with the changing retail marketplace, the importance of the demand driven model will continue to grow.
  3. True or False? Demand driven initiatives help company’s track customer responses to a retailer’s efforts to curve demand in patterns that deliver higher ROI to the retailer.
  4. True or False? Demand Driven concepts focus less on what the past sales have been and promote understanding the patterns and thoughts of your customers to determine their future demand and your corresponding future inventory needs to meet that demand.
  5. True or False? These techniques are relevant for all businesses to utilize.
  6. True or False? Agile business concepts are forward-thinking and provide new insights into how your customers are thinking when it comes to your business.
  7. True or False? Demand Driven is more than accurate forecasting.

Results and Mileage may Vary

This may surprise you, but the answer to all 7 of those true or false questions is true.

Demand driven concepts can provide a level of forecast accuracy that you have never experienced. As our Forecast Accuracy ROI blog shared, increased demand forecast accuracy delivers significant profit gains by enabling you to better supply the right products at the right time for your customers. It will prevent you from having too much product on your shelves as well as too little. Both you and your customers will be happier with the way you do business.

Your Next Steps

To talk more about how Demand Driven concepts can grow profits in your company or discuss how our True or False? have raised questions in your supply chain; please canadian viagra paypal. We look forward to answering the questions that help you engage in Demand Driven concepts to grow your profits.

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4 Inventory Replenishment Software Danger Signs http://www.data-profits.com/blog/4-inventory-replenishment-software-danger-signs/ http://www.data-profits.com/blog/4-inventory-replenishment-software-danger-signs/#comments Tue, 26 Aug 2014 10:47:31 +0000 http://www.data-profits.com/?p=7331 Is Your Inventory Replenishment Software Working? When you have out of stocks and overstocks at the same time, the question you need to ask is Do You Need better Inventory Replenishment Software? Inventory Replenishment is a critical link in your chain. Ask yourself, is your current inventory replenishment software delivering the best service levels to […]

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4 Inventory Replenishment Software Danger Signs

Is Your Inventory Replenishment Software Working?

When you have out of stocks and overstocks at the same time, the question you need to ask is Do You Need better Inventory Replenishment Software? Inventory Replenishment is a critical link in your chain. Ask yourself, is your current inventory replenishment software delivering the best service levels to match your customer demand? Does your inventory replenishment software maximize profitability with inventory optimization technology to create purchase orders? Do your automated Purchase Orders minimize inventory to carry only what is needed to meet service goals and still meet supplier shipping requirements? Do your users have tools on the Purchase Order pages to aid the Purchase Order approval and exception management processes? If not, then why not, what are you losing to your competition every day you do nothing?

Inventory Replenishment Software

There are essentially four different aspects of successful inventory replenishment and sadly the forth is often missing in the inventory replenishment software:

  1. What – Demand Forecast is the future demand of your products – this drives replenishment.
  2. When products need to be reordered to meet demand (Demand Driven Lead Times tell you the item order point – bottom up (JIT), not a plan)
  3. How many Units of those products need to be ordered? Your days’ supply should be calculated based on demand forecast, not last x week’s sales, using on hand and on order inventories. How many units to purchase should be the difference between your Order Up to Amount (max) (SS+LT+OrCy) – (on hand + existing on order). The amount should be rounded to next product UOM pack listed by the supplier.
  4. Purchase Order Generation that properly addresses your product unit needs in conjunction with vendor requirements (Computer automated purchase orders meet BOTH service and supplier shipping constraints)

While some inventory replenishment software applications are capable of helping you meet one, maybe two of these PO needs, there is much more involved in the process if you want to ensure maximum profits with minimal expense.

These four aspects of inventory replenishment software are also the four danger signs. Any one of these done wrong can bankrupt your company eventually. Do two or more of these wrong consistently and you can expect the end of your company.

Replenishment users are pushed and pulled by yesterday’s technology. They are using systems based on old technology with bad data, poor exception management, and antiquated communication. These methods just don’t work in today’s modern marketplace.

Demand Forecasting for Accurate Product Availability

An essential component of accurate and cost-effective inventory replenishment software is demand forecasting. Demand forecasting uses retailer demand inputs that curve demand and customer demand data to determine exactly when you need specific products on hand to successfully meet your consumers' buying habits. Inventory replenishment software that incorporates proper demand forecasting ensures that your company has the appropriate products available to meet your customers' future buying habits.

Accurate Lead Time for Enhanced Replenishment

It is a fact: Lead Times change; it’s what do you do to manage the change that matters. You need to know when Supplier Lead Times change and you need an automated way to tell you when they change – only if the change is significant to your business. Effective inventory optimization requires an intricate understanding and application of vendor lead times to ensure that your products are available to customers, no matter when the replenishment order will be available. There are numerous factors that affect lead time, including the amount of time needed for product manufacturing, the time needed for preparing those products for shipment, the amount of time required for transportation to distribution centers, and the number of days between shipments from the distribution center to your location. Tracking, forecasting and implementing accurate lead time information is vital to minimizing your risks.

When this all of this information is analyzed and used properly within your inventory replenishment software, it ensures that you order the correct number of inventory units to meet demand and current supply conditions. Inventory replenishment software systems that do not have the capacity to properly integrate lead time forecasted information cannot provide accurate in-stock quantities to cover the time between shipments, or protect against unnecessary overstock.

Purchase Order Generation

Optimal Purchase Order creation is a key component for enhanced inventory optimization. Some inventory replenishment software applications simply generate a purchase order at scheduled times to ensure proper on-hand stock. However, most of these programs do not have the capability to account for individual vendor units of measure, minimum order requirements, product flow, and other constraints. When this data is not included in the purchase order generation, the result is improper levels of stock. Some items may be out of stock before the next shipment, and others may end up as overstock - both of which cost you money due to lost sales or an inability to move products before expiration.

Building Replenishment Purchase Orders is Complex

Purchase Order Generation has gotten very complex. As logistic companies get smarter about how to lower shipping costs, the constraints to placing a purchase order have gotten more complex. Most companies are using excel and old purchase orders to create new purchase orders. Numerous studies show the results are disastrous, including a minimum 10% overstock on most orders, missed shipping dates due to errors, and out of balance days supply inventories at the retail and DC location.

A Better Mouse Trap: Replenishment Meet Demand

If your inventory replenishment software is not meeting each of these functions properly, it is not accurately meeting the needs of your business or your customers. If you want an inventory optimization solution that maximizes profits by properly handling all aspects of replenishment, canadian viagra paypal today.

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Solution Found For Promotional Inventory Replenishment http://www.data-profits.com/blog/solution-found-for-promotional-inventory-replenishment/ http://www.data-profits.com/blog/solution-found-for-promotional-inventory-replenishment/#comments Wed, 20 Aug 2014 11:07:31 +0000 http://www.data-profits.com/?p=7319 Promotions are Huge, That Doesn’t Mean Inventory Should Be You’re very familiar with the importance of promotions, how they can make or break sales figures for the quarter or even the year. But an extremely successful promotion brings to light a challenge: Inventory Replenishment. While we often think of general retail for sales events to […]

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Solution Found For Promotional Inventory Replenishment

Promotions are Huge, That Doesn’t Mean Inventory Should Be

You’re very familiar with the importance of promotions, how they can make or break sales figures for the quarter or even the year. But an extremely successful promotion brings to light a challenge: Inventory Replenishment. While we often think of general retail for sales events to model, it is the grocery industry and their weekly promotions that highlight the pain in the promotion link of a supply chain. Let’s take a look at the root of the problem, and how the challenge can be overcome with ingenuity and technology to give you an edge over your competition.

Promotions Only Work if you can Make the Sale

When you’re doing a promotion in your retail store, it’s not always about clearing out overstock. Sometimes getting a product that has modest sales to become a big money maker takes putting it on promotion to curve demand, guiding consumers to your store for the product. When that’s the case, being able to get restock to prolong the profit-making potential is paramount. If you don’t have the product in stock, you can’t make profit from the sale, and that’s a problem worth beating.

Conventional ‘Wisdom’

The challenge with promotion inventory replenishment isn’t a new one, therefore, the market is flooded with various individual’s ‘wisdom’ of how to solve it. The problem is, if you were to ask a group of people from different retail environments how to tackle the problem, it’s quite likely that all of them will give different answers. Google the term, and you’ll get thousands of suggestions, from simple methods like ‘order three times as much as you normally would, it works!’, to ‘eh, just let rain checks take care of it’. The problem with these scenarios is that they almost always fall apart.

More than 85% of the forecasting systems in use today are only using 2 forecast algorithms and a collection of 'models'. Many software companies claim to have 'hundreds' of algorithms when in fact they have only one or two algorithms and several models. Legacy systems often don't have algorithms for intermittent and slow demand product. If you want to get an optimized inventory you need accurate demand forecast. Accurate demand forecast can only be reached with updated, modern demand forecast solutions and fortunately they cost significantly less money.

Learn more about slow and intermittent demand forecasting: Slow and Intermittent Product Demand Forecasting Facts and Myths

Setting a standard amount of 'promotion inventory' would only work if the number of units sold was uniform no matter the product, which of course isn't the case. Rain checks, while certainly not something to be dismissed entirely, run a considerable risk of tarnishing brand image, as customers want the product immediately - not the hassle of having to remember a piece of paper and having to possibly go out of their way.

Simple, Effective Solution

With promotion marketing having the potential to make or break your year's sales, having a product that can help you navigate the related inventory replenishment challenge is a must. By taking a look at sales figures based on normal price changes, past promotions, aggregate sales data, and numerous other variables, such software can fairly accurately predict how a promotion will affect inventory. With Data Profits’ inventory replenishment software, you can even automate the reorder process to further eliminate stress and uncertainty.

Promotional Forecasting is Not New – But Buyer Beware

Promotional forecasting is not new; the main algorithm needed is specific. It is complicated, but well known in academic circles. The problem has been the computer processing time needed and the type of redundant processing necessary to run this type of algorithm is expensive and takes a high degree of both academic and programming knowledge. Very fast hardware is also needed if you are going to manage millions and millions of sku/ locs. Unless your software is new, the reality is your inventory replenishment software is probably not delivering promotional forecasting.

The Lie – Many software companies provide promotion replenishment and call that promotional forecasting.

A Quick Promotional Forecasting Test

For a promotion, can you enter a set of dates and attributes and a collection of Sku/ Locations into your system which then delivers a demand forecast of the lift or decline?

Attributes might include:

  1. An end cap
  2. 15% discount
  3. Pictured in the ad
  4. First Week of the 11th Month for 7 days

This is not a question of how much to buy for replenishment; that step is later.

Step one is to accurately identify the future demand, then decide how to service the customers based on that knowledge.

While some software will tell you what to buy for the promotion, that's buying and replenishment. The question to ask is does your system forecast the number of promotional units or does your software ask you to tell it the amount of units or percent rise or fall? Some other software makes a big deal out of tracking the attributes but doesn’t actually use the attributes to forecast promotions and events. Buyer Beware

Inventory Replenishment Software for Promotions

We understand the urgency to make promotions work and their importance on your overall sales figures. Therefore, we have designed a product that will tackle those problems to maximize profits, and make it a sales year to remember. To find out how our solution can help you propel your promotional sales to the top through efficient inventory replenishment, canadian viagra paypal.

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The Truth About Demand Driven Inventory Replenishment http://www.data-profits.com/blog/the-truth-about-demand-driven-inventory-replenishment/ http://www.data-profits.com/blog/the-truth-about-demand-driven-inventory-replenishment/#comments Tue, 12 Aug 2014 11:07:54 +0000 http://www.data-profits.com/?p=7305 Inventory Replenishment Software’s Hidden Agenda Demand Driven Inventory Replenishment sounds nice. If your inventory replenishment software uses demand forecasting and incorporates demand concepts to calculate what products to order when and how much to order, tell us have you reached perfection? Sadly, most inventory replenishment software apps are missing a critical component – profit. Most […]

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The Truth About Demand Driven Inventory Replenishment

Inventory Replenishment Software’s Hidden Agenda

Demand Driven Inventory Replenishment sounds nice. If your inventory replenishment software uses demand forecasting and incorporates demand concepts to calculate what products to order when and how much to order, tell us have you reached perfection? Sadly, most inventory replenishment software apps are missing a critical component – profit. Most Inventory Replenishment software was written to focus on meeting plan and staying in-stock. A quick review of the number of retailers who have gone away in the past 3 years highlights the success of that strategy.

It’s No Secret- Inventory is Money – What’s Your Return Rate?

In reality, inventory is money, and how you put that money to work will be seen in your results. Some days, it is smart to be in certain investments and some days it is best to sit out and wait. That is a key concept to achieving a demand driven inventory management process. Sound strange – let’s test the idea with a popular business executive’s story.

Shark Tank

Heralded businessman Kevin O’Leary is often quoted saying he views his money as little tiny soldiers. He sends them out every morning with instructions to take prisoners, and bring them back to him. This philosophy is one of the key things he credits with his success.

Read more on the ROI found by improving Your Demand Forecast and Learn a few methods to calculate that ROI (note we did not say 'sales' forecasting). Click here to learn- Proof: Improving Forecast Accuracy delivers High ROI

Don't Let Your 'Soldiers' Become Casualties

When you send your money soldiers out in the morning, if they are simply carrying inventory that isn't moving, they are casualties. Some ‘soldiers’ may come back a few weeks down the road, but never as many as you sent out. This is a problem, and a recipe for lower returns on your investment. To make matters worse, these casualties could easily be avoided.
By using inventory forecasting for your Demand Driven company, you're letting your investment do the best possible work, and allowing it to bring more back into the company at the end of the day. You're not wasting nearly as much money on overstock, as well as ensuring that you run out of stock much less frequently, avoiding a bad reputation with customers, or would-be customers walking out the door without having made a purchase or not as many purchases as they'd wanted.

Hidden Software Agenda to Trick You

Because you have product location forecasting, you think automatically that you have a bottom up system. If the buy signal comes from the plan or open to buy, which is 98% of software today, then you have a top down system. The top down system will review every product / location with a forecast but keep in mind it is from a top down point of view. If the flag to create a purchase order is based on plan and budget, you have a top down system. The key to understand is where/ why the buy signal was delivered by the software. A bottom up, service system looks at each product/ location and builds the order based on individual needs and order optimization math (how much to carry). The only reason software companies explain it differently is they know people want to buy a bottom up, service driven system that use demand driven processes. For software companies to change from top down, plan based, over to bottom up – service based will requires total re-writes. This is an expensive idea for inventory replenishment software companies that is also costly to their legacy customers. True Demand Driven Inventory Replenishment requires a bottom up service driven process to keep customers happy and maximize your profits by using the tin soldiers – dollars in the most profitable process.

Build Your Money Army from the Bottom Up

By making your inventory management more efficient, you're able to grow your little money army. Efficiency in inventory management leads directly to higher profits, and less inventory needed on hand. Even better, you can do all this with us in just 30 days, as we take significantly less time to implement iKIS than other inventory management solutions.

Demand Driven Inventory Replenishment Allows Your Money to Work for You

Going with us also means less money invested in your demand forecasting solution, as we charge as much as 90% less than other solutions. To find out how we can help turn your tiny money soldiers into warriors that will bring back significantly more prisoners, sending your profits up into the stratosphere, canadian viagra paypal.

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Six Common Promotion Management Issues – Which Do You Fix Now? http://www.data-profits.com/blog/six-common-promotion-management-issues-which-do-you-fix-now/ http://www.data-profits.com/blog/six-common-promotion-management-issues-which-do-you-fix-now/#comments Wed, 06 Aug 2014 11:07:58 +0000 http://www.data-profits.com/?p=7296 Customers Expect Retail Promotions Your Promotion Management process has become a critical link in your chain. Customers expect promotions and events in the marketplace today. How do you match the right inventory with the right products at the right location and price? Most of you build a promotion plan like always and then hope for […]

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Six Common Promotion Management Issues - Which Do You Fix Now?

Customers Expect Retail Promotions

Your Promotion Management process has become a critical link in your chain. Customers expect promotions and events in the marketplace today. How do you match the right inventory with the right products at the right location and price? Most of you build a promotion plan like always and then hope for the best each month. Funny how that’s almost like buying a lottery ticket. In fact, the lottery ticket is cheaper, and the ROI is significantly higher for your dollar investment.

Goals for Promotion Management

The goal of promotion management is to achieve the maximum ROI (return on investment) when implementing a newly developed promotional program, while also achieving balance between trade spend and incremental volume. After setting the goal, you create a promotion plan and often link that to your open to buy. A few more advanced companies will try to connect the future promotion to past similar promotions by linking the results to project the new promotion sales. The problem is you are creating a goal and a plan without the key middle step: ‘Create a Strategy to Achieve your Promotion Goal’.

5 Ideas to Guide Your Demand Driven Success with Demand Forecasting --Click Here

Strategy is the Missing Key to Promotion Management

However, implementing a successful promotional strategy is a challenge that many retailers and their suppliers seem to face monthly without good strategy or use of modern software. Why repeat the same process monthly and expect the results to be different?

There is a lot to take into consideration for these company leaders, which makes the strategy process so complex.
Issues that make promotion management in retail such a complex process include:

  1. Large Product Portfolios
  2. Unique Discounts
  3. New and Old Products – To phase in or not to phase in. To phase out or not to phase out.
  4. Trading Terms
  5. Ranging and Displaying Processes
  6. Effects on Stakeholders – Merchandising and Sales, Finance, Suppliers.

When a retail management team is faced with a promotional challenge, the team needs to take a collective step back to then take a long hard look at their ability to monitor whether or not their Promotions are effective and efficient. Maybe now is the time to invest in promotional forecasting.
Lack of accurate monitoring and lack of control are usually to blame for an ineffective strategy. This is partly to blame on the fact that most companies continue to rely on old-school spreadsheet-style reports for promotion management in retail.

Different Promotions = Different Evaluation Processes

Remember that each promotional program that your retail company implements is going to be different and unique, because the products are different and any promotion will have unique attributes. Because of this fact, you should not have one universal set of standards in place for the evaluation of a promotional program’s success. Approach each promotional program with this expectation and realization.

Information to Consider when Promoting Products

The ultimate goal of a successful product promotion is to increase consumer sales. Here are some important factors that your management team should take into serious consideration before implementing a new strategy.

  • Products and Services - What product your company should promote?
  • Timing and Duration – You’ll want to consider when your company should promote, how often your company should promote, and the length of time for each promotion.
  • Brand – You want to ensure that any new deals your company advertises are in full-alignment with the company’s valued brand image.
  • Long-Term Impact – Will the new promotion have any potential long-term impact on future base-line sales?
  • Goals – What are your goals and objectives regarding sales? Once you’ve established them, make sure to communicate them well to your entire sales team.
  • Tools – Are you relying on old-school retail management tools or are you utilizing the latest and greatest innovative software management tools?

Strategy is Key to Successful Promotion Management

Once a successful trade promotion strategy has been implemented, this will benefit the entire organization. Benefits include: an achieved trade spend and incremental volume balance, as well as achieving maximum ROI. Any strategy will go much farther when you implement an accurate promotion forecasting solution with end to end collaboration to link all the players.

To learn how viagra usa can provide you with the right tools to achieve success with your company's Promotion Management, canadian viagra paypal today.

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Copyright © Data Profits, Inc. 2014 All Rights Reserved.

The post Six Common Promotion Management Issues – Which Do You Fix Now? appeared first on Data Profits, Inc..

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Data Profits’ Retail Promotion Software Delivers Promotional Forecasting and Management for Retail, Wholesale and Grocery Industries http://www.data-profits.com/press-releases/data-profits-retail-promotion-software-delivers-promotional-forecasting-and-management-for-retail-wholesale-and-grocery-industries/ http://www.data-profits.com/press-releases/data-profits-retail-promotion-software-delivers-promotional-forecasting-and-management-for-retail-wholesale-and-grocery-industries/#comments Tue, 22 Jul 2014 19:34:42 +0000 http://www.data-profits.com/?p=7276 iKIS Promotion Management Module Provides Cutting Edge Retail Promotion Forecasting ATLANTA, July 22, 2014 /PRNewswire/ — Data Profits Inc. announced the release of their iKIS™ Retail Promotion Solution that extends End-to-End Promotion Planning for the Retail, Wholesale, and Grocery Industries. Data Profits (http://www.data-profits.com), a leading mid-market Supply Chain Management (SCM) solution provider delivering key demand […]

The post Data Profits’ Retail Promotion Software Delivers Promotional Forecasting and Management for Retail, Wholesale and Grocery Industries appeared first on Data Profits, Inc..

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Data Profits' Retail Promotion Software Delivers Promotional Forecasting and Management for Retail, Wholesale and Grocery Industries

iKIS Promotion Management Module Provides Cutting Edge Retail Promotion Forecasting

ATLANTA, July 22, 2014 /PRNewswire/ — Data Profits Inc. announced the release of their iKIS™ Retail Promotion Solution that extends End-to-End Promotion Planning for the Retail, Wholesale, and Grocery Industries.
Data Profits (http://www.data-profits.com), a leading mid-market Supply Chain Management (SCM) solution provider delivering key demand driven forecasting and inventory replenishment functionality that leads to higher supply chain performance and profitability, is excited to offer new functionality to its customers and their suppliers that provides an end to end solution for trade promotion planning and execution.

“Today’s competitive marketplace is putting tremendous pressure on retailers to increase revenue and improve margins”, stated Stuart Dunkin, CEO of Data Profits. “Leading retailers are looking to maximize promotional lift by offering unique deals across all channels and track them end-to-end, from creation to settlement.”
“Successful promotion execution today requires online tracking of negotiations with vendors, consensus forecasts on promotional lift and inventory, along with shared feedback to suppliers during the event to ensure maximizing promotional lift. Post promotion, all parties want the settlement process automated to ensure full margin realization at the lowest possible cost.”

The Key Features of the System:

Electronic Deal Negotiation: The cloud based system dynamically supports the deal negotiation process to its fulfillment as a legal electronic agreement.

Integrated Pre-Promotion Planning: Deal information is interfaced to POS, DC systems, Store systems, Marketing, Merchandising and Vendor planning systems.

Real time Promotion Feedback: Monitor promotion lift with Scorecards and End-to-End service alerts to improve sales and customer satisfaction.

Settlement Execution: Vendor billing for each trade promotion claim is initiated and tracked by status for all partners.

Stuart Dunkin, CEO of Data Profits, “We see the next few years as ones where retailers and distributers are looking to align and link their supply chains End-to-End from a demand driven perspective. Using our collaboration platform that includes customizable workflow and analytics, we can deliver better results, supporting new collaborative behaviors and smarter outcomes for our customers and their partners. Only Data Profits’ iKIS™ solution allows businesses to “Tighten the Links in Your Chain™.”

About Data Profits (www.data-profits.com)
viagra usa, delivers a set of critical abilities to mid-market retailers, wholesalers, manufactures, and their suppliers, including Demand Forecasting, Inventory Replenishment, Collaboration with Supply Chain Visibility, and Proactive Management alerts. Developed with the guidance of both customers and leading technology experts, Data Profits’ software is implemented and running in less than 30 days at a cost less than 50% of legacy providers. Using iKIS™, teams can work within one business network to see immediate results on supply chain activities. Data Profits’ real-world experiences demonstrate solid thought leadership that returns significant ROI for customers in 90 days driving actions to “Tighten the Links in Your Chain™.”

For More Information:
Michelle
marketingpr(at)data-profits(dot)com
Ph# (770) 574-4100 ext.220

Download PDF of Press Release

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Copyright © Data Profits, Inc. 2014 All Rights Reserved.

The post Data Profits’ Retail Promotion Software Delivers Promotional Forecasting and Management for Retail, Wholesale and Grocery Industries appeared first on Data Profits, Inc..

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Five Secrets of Successful Inventory Replenishment You Need to Know http://www.data-profits.com/blog/five-secrets-of-successful-inventory-replenishment-you-need-to-know/ http://www.data-profits.com/blog/five-secrets-of-successful-inventory-replenishment-you-need-to-know/#comments Tue, 15 Jul 2014 10:37:47 +0000 http://www.data-profits.com/?p=7253 Inventory Replenishment Checklist Knowledge is power, as the old saying goes, and that’s certainly true about Inventory Replenishment. Let’s review this critical link in your supply chain and identify where you need to tighten down your processes. Inventory replenishment is ultimately about knowing what to order where, when and how many to meet demand for […]

The post Five Secrets of Successful Inventory Replenishment You Need to Know appeared first on Data Profits, Inc..

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Five Secrets of Successful Inventory Replenishment You Need to Know

Inventory Replenishment Checklist

Knowledge is power, as the old saying goes, and that’s certainly true about Inventory Replenishment. Let’s review this critical link in your supply chain and identify where you need to tighten down your processes. Inventory replenishment is ultimately about knowing what to order where, when and how many to meet demand for service while maintaining the lowest operating cost (inventory optimization) to maximize your profits.

Here are Five Things (click here to learn why) everybody should know when it comes to inventory replenishment. We have attached links for a deeper dive to each of the individual points.

Demand Driven is Critical for Inventory Replenishment