Trends in retail suggest new technology is changing supply chain management for the better. This is good for all steps along the way, from order placement to finished goods forecasting. These tools can create a supply chain management system that allows merchandisers and retailers to get goods to customers that need them, drastically reducing chances of overstock. It seems technological improvements are going to improve inventory forecasting through these core tools:
Science has helped forecast inventory needs for years now. Retailers now have access to the biggest data warehouses in the world. Big data optimizes inventory forecasting and needed finished goods forecasting follows suit, improving availability and product assortment. Predictive analytics used to gauge customer behavior may be used to predict inventory decisions.
Point-of-sale capability can be improved with mobile technologies. Examples of in-store mobile technology that has been used for data acquisition is Tesco’s own Hudl, which allows customers easier in-store shopping ability and inventory management. Businesses that take advantage of data gathered by mobile applications can be used to assess needed inventory and possible price modeling.
Value through Visibility
Retailers need tools to enhance inventory planning, replenishment, and overall management ability. Through mobile applications mentioned above, products can be located in-transit or after manufacturing but pre-shipped. This ability to see products in transit will allow retailers better communication with customers regarding their needed products. Imagine being able to tell your customer that their product can be available at a specific time due to increased availability.
Anseris provides insight into how these concepts apply to individual businesses. Whether online or physical retail, no matter the scope, supply chain management is critical to consistent customer satisfaction and profits. Contact Anseris with your inventory needs