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Tag Archives: Inventory Replenishment Software

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.


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™.”


Tammy Canale
Ph# (770) 574-4100 ext. 227

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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?
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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.
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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.
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