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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™.”

 

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

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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Demand Forecasting Methods Highlight Differences between Demand and Sales

Demand Forecasting software will measure and account for Lost Sales, overstock and closeouts. These are three pitfalls of not having a demand forecasting software solution. Sales forecasting methods doom you to repeat last years sales. Without real Demand Forecasting, tracking lost sales is only a KPI. Read More