In the age of convergence, customer churn is a concern for service providers, challenging most retention techniques…
Demand Forecasting for Supply Chain efficiencies
Analytics can help retail companies use their data effectively to equip themselves with accurate predictions of consumer demand and the factors that drive this to improve their planning, enabling an integrated supply chain and its efficiencies. Analytics can help retail companies bridge the gap between demand and supply by predicting buys patterns and aligning these patterns with the movement of goods thus improving opportunity capitalisation.
Product Classification and Optimization
Retail business is all about planning the right assortment of products for customers to exercise their choice, with less complex and more accurate tools. By integrating retail intelligence, giving scalable solutions retailers can classify their products and integrating this information into their planning, allocation and replenishment systems to produce assortments that more accurately reflect consumer demands. Retails can use analytics to group products or discount structures to capitalise on trends and or push out unsold inventory.
The quicker the inventory moves through the supply chain the more robust a business becomes financially in the retail industry. Businesses can deliver improved numbers using advanced multi-level inventory optimization methodologies, enabling them to streamline their supply chain and services to get savings and unlock capital for more informed investments. Analytics cannot be used any more effectively than in inventory optimisation because the impact of any kind of improvement directly impacts the balance sheet of the business.
Product Demand forecasting
Businesses now a day’s more and more need rigorous demand forecasting and planning processes using statistical tools and analytical sophistication to put in place consumer focused products, services and marketing plans. Automated customised analytics is the only answer to the problem of retails wanting to forecast demand on a near real time basis since forecasting has now reached micro level sub classification both at a product as well as brand level.
With right analytic intelligence and optimized capabilities, enterprises gain new insights from their data. Analytics helps them reduce risks of staffing, stock management, labour scheduling, ordering, pricing and promotions to create a more integrated and targeted customer intelligence using demand intelligence.