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Tag Archives: Inventory Replenishment

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

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

four-ideas-that-can-fix-inventory-replenishmentCan you find new ideas to improve your inventory replenishment and / or supply chain in under three minutes?  Do you find training materials and great ideas shared on the web by your software and other supply chain companies? Does your software support site provide a full offering of concepts and ideas that utilize support documents, template checklists, white board animation, and slide shares to support their product and your business? Read More

Omni-Channel-Fulfillment-Cure-for-the-Common-Cold-or-Hiding-the-Truth“Omni-channel” is a big buzz word in retail right now. Everyone wants to be “Omni-Channel”. The reasoning for an omni-channel approach is sound. For marketing and merchandising, customers see the same messaging, items, and pricing across all platforms. For inventory and order fulfillment, customers have access to all of your inventory, from stores to DCs.

Omni-Channel is No Cure, Is it Even Symptom Relief?

There are so many advantages to Omni-Channel retailing. But while omni-channel order fulfillment can help you take care of your customers and clear some inventory problems, it can also hide flaws in your demand forecasting system and in your supply chain. Much like over-the-counter cold medicine, omni-channel fulfillment can relieve the symptoms of an ailing replenishment system temporarily, but it can’t cure the underlying problem. Like the common cold, there are many with the ‘magical’ cure but the question you should ask is how did they make the cure if they wrote their base code more than 5 years ago…98% of software is in that category…and all most software does is relieve the symptoms, not a real cure.
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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.
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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.
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The Key Reason Your Inventory Replenishment System Loses Your Money

How close are your Inventory Replenishment processes to your end customers? Inventory Replenishment controls your largest dollar investment; is it the strongest link in your chain or is it time to tighten this link in your chain? Today’s smart phones have created smarter customers with higher service expectations for their retail stores. The information super highway has shortened a retailer’s corporate decision timeline for demand planning and inventory replenishment responses to market changes. The challenge is how to become more customer centric. How do you provide higher service for your customers with the right products, in the right quantity, at the right location, all in less time?
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5 Obstacles in Inventory Replenishment that Disrupt Retail Sales

Inventory replenishment: Can you see the future of retail?

Inventory replenishment is the essence of your bottom line. It is the critical link in your supply chain that everyone needs to review and tighten.

You don’t need a crystal ball to utilize the principles of demand forecasting and inventory replenishment. But, you do need a crystal-clear game plan to ensure that you can deliver today what the customer dreamed about the night before.
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How A New Inventory Replenishment Discovery Made A Plain Retailer Grow

Inventory Replenishment Software Needs Updates

The retail landscape has changed widely over the last 15 years; How about your inventory replenishment? Today’s customers demand more choices and have higher expectations.. Customers want personalization; such things as on-demand product information, access to best price deals, express shipments and exceptional customer service as part of their experience. For companies to be successful in the marketplace, they must adapt the way they do business to accommodate today’s customer demands. To find success in the marketplace; they need to focus on their customer and become demand driven. The problem for many of you is your technology is as old as the phone in this picture and you stubbornly believe it doesn’t matter… bet the same folks who say it doesn’t matter have a $200+ smart phone in their pocket now…
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Avoid These Time-Bombs In Forecasting and Replenishment

Forecasting and Replenishment: a Time-Bomb Awaits.

Customer preferences have been changing; customers want personalization, on-demand product information like price deals, and exceptional customer service like 2 day delivery.  For companies to be successful in this marketplace, they must adapt the way they do business to accommodate such changes.  One aspect of a business, which directly relates to accommodating such change is forecasting and inventory replenishment. The real story is how market expectations have moved far beyond legacy inventory replenishment systems.
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