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Yearly Archives

2016

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

Haunted house in creepy foggy background with tree silhouettes.

Visiting a Haunted House this time of year was a rite of passage for me as a kid. To this day I love a good haunted house, forecasting what will pop up where and when? What room has the chainsaw, when will the plastic skeleton pop up, how bad will the sound effects and music really be as we wander into the darkness. Oddly, I can easily 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. Then you bring in the consultant who cannot even explain the differences between demand and sales forecasting and you have a really scary (expensive) house of horror. A great example of the changing time is the Ken Bone costume that was born from a presidential debate in a matter of hours. Ken Bone rose to stardom from his question at a debate. Did you know a Ken Bone Halloween costume was made and being shipped to retailers all within the next 36 hours? That’s just a small part of the Omni-channel retail environment we live in today. Most forecasting and legacy software lack the tools to spin as the market spins within days. The issues in our supply chain today were never considered when the base code was written and consequently, no amount of ‘updates’ can create the fixes need in legacy software…scary, right?!?! So this month in our newsletter let’s take a few minutes, relax and gather a few ideas we can use to impact our supply chain this holiday. I’ve included some video clips, a seasonal index kit download with all the math (press release), and a collection of ideas of which one or two are bound to help your business. Enjoy Your Season

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4 Ideas to Improve Inventory Replenishment
Demand Planning and Forecasting, Replenishment teams often refer to themselves as firefighters, we get it. The problem often is you don’t identify the key issue in time. You throw water on the urgent and lose sight of the important event that has turned into a blaze. Here are some ideas to help you focus on the root issues in your planning, demand forecasting and replenishment processes.

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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

data-profits-launches-new-highly-responsive-website-copyAtlanta, September 27, 2016 Data Profits, launches a new user-friendly and highly responsive Web site today. The new website will cover relevant topics like Forecasting to meet our user groups’ needs.
The goal at Data Profits is always to exceed our user groups’ expectations. Our customers wanted better teaching materials that focused on demand forecasting and inventory replenishment concepts. Our goal is to deliver user-friendly teaching and thought leadership materials to our users and also other companies that need new ideas to improve their demand forecasting and inventory replenishment. We knew these new materials needed to be delivered using modern social media like white board animation videos, memorable tweets, slide shares, and YouTube videos for immediate results. The team at Data Profits is committed to constantly evolving to the trends and demands in the marketplace to effectively manifest the best resources and tools like blogs, videos and SlideShares available.

 

 

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How do you plan for promotional inventories?

promotional-inventory-3-ideas-to-make-profits-soarThe goal is to increase inventory amounts at the right locations to meet service goals and maintain additional inventory until the end of the promotion.  After the promotion ends, the inventory should be back to the basic inventory level needed to meet service. The key piece being how to reduce inventory at the right time during the promotion to avoid lost sales and maintain service goals after the promotion without being overstocked. If you have a sales and ERP system that can track the actual life of the previous promotions and you have a event based forecast algorithms in your replenishment toolbox, then all is well in your world, maybe….there are some other pieces that can help your business and this month we highlight a few ideas for you.


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Data Profits Makes Managing Seasonal Demand Easier in 2016ATLANTA, August 16, 2016 – At this critical time of year, retailers rely on seasonal merchandise to reach their Fall sales goals. Retailers are also deep into planning and buying for Halloween and Christmas goods for 2016. To help retailers assess their 2016 performance and get a jump on 2017, Data Profits is offering retailers their new “Seasonality Tool Kit” as a free download. The kit includes a seasonal index calculator and Data Profits’ best demand forecasting advice as well as other useful information for optimizing inventory during peak seasons.

“With retailers starting pre-Thanksgiving sales earlier and consumers pushing their online shopping into Cyber Week, seasonal selling patterns are changing rapidly,” says Stuart Dunkin, CEO of Data Profits. “Unfortunately, many retailers are relying on legacy systems that cannot react quickly enough to maintain service levels.”

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Seasonal Indexes: Are You Asking The Wrong Questions?

Many people are finishing their summer holidays and prepping for the new school year with ‘Back to School’ shopping. Retail and Wholesale companies are implementing their 2016 fall season and holiday sales plans based on demand planning and hopefully a few seasonal indexes. Surprising to me is the fact that blogs, how to articles, and speaking requests on seasonal indexing are the most popular material we provide. The other odd fact is how many different math methods people use to calculate a seasonal index; not just what data, but the math. Odd only because a seasonal index ‘SHOULD’ be basic algebra that most of us learned in middle school. Many of the odd methods seem to be more about someone writing a paper and less about getting right product to right location on time. Maybe someone is asking the     wrong questions?

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We all know snow shovels aren’t going to sell in the summer and beach towels will flop in December. Most of us can identify general seasonality and spot a really bad seasonal index by applying simple common sense. But do you front-load your key seasons or reduce orders because your replenishment system doesn’t quite get the job done? This is just one of the seasonal index mistakes often made.

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