RETAIL DATA
We are always seeking new ways to improve the functionality of our supply chain, always looking to see what others have done, always putting our hands in our pockets to see how much we can spend, and let’s be honest most of us work on the premise “the more we spend the better it will be”.
Of course we know this is not always the case but like the saying goes “I won’t get fired for buying IBM”
Well maybe there is something we can do, that works, is cost effective and will have desired effects we all seek. Everyday retailers produce Data, master data, this includes point of sale, balance on hand, store forecast etc…..problem is though it’s page after page of information that would make even the calmest of people reach for the job section in the local paper.
Solution! Simple invest a SMALL amount in a tool that analyses said data, a solution that provides you with the data you want (need), so that you can see where your problems have occurred…………….trouble is do we really care how the issues we have already had came about?
Does it really help us now?
So working on that, we need a solution that does the above but also works alongside our ERP, so that it can provide us with a real time look into our areas of attention………….but still I think we need more.
What if there was a planning element added into this, whereby we can plan the next set of events using the data we already have, this would make the tool functional and much more useful.
But I think we can go one better, what if we could, using this solution, execute the orders we now know we are going to get?
The big question is why would you want this? Well if you have an idea of what your retailer is about to ask for, you will be given time and that is extremely valuable as we all know. But also you will have the ability to react to changes and as a result lower your inventory and free up much need capacity. It’s as simple as that.
Of course you need a system that can provide you with high accuracy, if you could get a typical forecast accuracy reading of 80-85% one week out, how valuable would that be?
Now there are some people out there that will notice this is already being done by many solution providers, but what I am describing is done by very few. Personally I only know of one.
I would be very interested to hear your thoughts on this so please let me know.
Thanks again everyone
Chris
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