Importance of Analytics for Driving Inventory Efficiencies

• November 9, 2021
• Topics:
  • Inventory Management

As a manufacturer, it’s difficult, if not impossible, to gain a clear and accurate understanding of how well your products are doing at all times.

There’s simply too much work to keep track of your inventory and product health in retail stores.

As a result, it can be difficult to figure out what you are doing well and what needs improving for your inventory management.

After all, nothing is more frustrating for customers than inventory misalignments or inaccurate inventory. And if you aren’t aware of these discrepancies, customers will be left disappointed in your brand faster than you can imagine.

With the increase in eCommerce sales and the evolution of the omnichannel retail environment, this is even more true – you must meet the inventory expectations of your customers.

To combat this problem, manufacturers must implement advanced analytics like artificial intelligence and machine learning to drive supply chain inefficiencies.

A report from McKinsey & Co. indicates that successfully implementing AI-enabled supply chain management can help manufacturers improve inventory levels by 35% and service levels by 65%.

Even though some retailers provide manufacturers with point-of-sales data and other analytics to measure the performance of their products in-store, there could be delays or discrepancies. It can be difficult for you to understand where and how you need to improve.

With the help of supply chain solutions that leverage AI and machine learning, you can optimize your inventory management by forecasting demand, streamlining warehouse operations, and automating certain processes to drive efficiency and customer satisfaction.

For example, AI helps manufacturers adjust sales and inventory forecasts more quickly and efficiently based on consumer behaviours, in-store trends, and other variables. As a result, you have more accurate demand forecasting capabilities to ensure optimized inventory levels per store location and ensure products are always replenished on time.

How Storesupport Helps

Storesupport has a large team of professionals to help manufacturers ensure their products are always stocked and professionally represented.

We want your customers to have a good impression of your brand. Using real-time analytics, we help make sure your products aren’t just on the shelves but are always performing at their best.

Learn more about how you can leverage Storesupport by calling 1-877-421-5081 or visiting www.storesupport.ca.