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Retailing is a tough business and staff costs are high. The aim is to use staff where creative human brains can be used effectively. Principally these areas include, promotions, fashion, new technology and toys.
Retail Inventory Optimisation
It is a tragic waste of time to use staff to carry out manual forecasting and replenishment processes on routine items like cans of baked beans shoe laces or ¼ Whitworth Nuts. The usage per replenishment period for these routine types of item can be forecast with great accuracy (in the order of 1% in many cases) using sophisticated focussed forecasting techniques and algorithms. Simple rules and industry standard estimates will ensure that a level of safety stock is carried that ensures the service levels are maintained at an appropriate level for the profit and sensitivity of the SKU while also minimising the need for markdowns and double handling.
Our methodology and technology enables individual SKUs to be examined and rules established for the management of each SKU or class of SKUs. Once the rules have been set the SKU can be automatically controlled by the IT system without the need for further human intervention. Bands of normality are set and should the system determine that the operating characteristics of any SKU have exceeded those bands then the operator is warned in a timely manner. Appropriate remedial action can be taken before a serious situation is reached.
Reports can be automatically generated to indicate the effectiveness of the inventory management at SKU level, SKU Class level, Department Level, Store level and Company level. The effectiveness and validity of any assumptions that have been built into the model can be continually reviewed. Managers can pull the levers to achieve the best possible return from investment from their inventory.
We know that maintaining product flow is what retail is all about. Tuning the replenishment process to eliminate the need for discounting or (worse) empty shelves it what we do best.
Head Office 7 Abbey Street Wavell Heights Brisbane 4012 Australia Phone +61 7 3266 2047 |
| Queensland |
ABN
29 110 948 457