StockWise | Real-time predictive analytics app for inventory management
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IHL's research highlights that retailers lose approximately $1.1 trillion annually due to inventory mismanagement, leading to customer dissatisfaction and financial losses. Stockwise offers a solution by providing real-time inventory insights, predictive analytics, and recommendations for stock reshuffling to optimize inventory levels and increase sales. This system promises improved stock availability, reduction in excess stock, and streamlined supply chain transparency, ultimately helping retailers make better decisions and enhance customer satisfaction.
StockWise | Real-time predictive analytics app for inventory management
- 1. Align Inventory with Real-time Demand Source: * IHL’s new research, Retailers and the Ghost Economy 7 days historical data is all that is needed to get started Inventory Insights Predictive. Actionable. On Demand. A lapse in inventory management can result in customer dissatisfaction and monetary loss to the retailer. It is estimated that globally the revenue loss to retailers is $1.1 trillion annually due to inventory distortion*. With millions of SKUs in stock, ensuring availability of the right product in the right place at the right time can be a challenge. While point of sale or inventory management softwares allow a retailer to capture sales data and inventory movement, it may not provide real-time insights. The StockWise Promise: Higher Inventory Turn • Reduction in working capital • Increased sales though improved availability • Cost savings through reduction of purchase • Transparency across the supply chain • Better Decisions, Faster Key Features • Advanced predictive algorithms • Real-time stock shuffling recommendations • Everyday dynamic prediction at granular level • Daily actionable dashboard • Non-intrusive solution and easy integration with any ERP • Mobility • What-If analysis Business Challenges • Stock out & excess stock are most common issues faced in retail • Businesses are unable to meet customer demand, resulting in lost sales and reduced customer satisfaction, due to stock-out • Working capital is locked in excess stock, adversely affecting profitability • The effects on the business range from lost customers to store closures
- 2. 50% REDUCTION IN INVENTORY FOR A LEADING MOBILE STORE CHAIN. INCREASED SALES BY 15% FOR A GROCERY CHAIN. REDUCED PURCHASE BY 10% FOR A PHARMACY RETAIL CHAIN. sales@retigence.com+91-8042274462 www.retigence.com What we have achieved Increased sales though improved availability StockWise provides daily insight of stock (on hand) and stock outs, how much to order and possible loss of sale, which leads to better availability of stock. Better availability of stock results in enhanced sales and customer satisfaction. Reduction in working capital StockWise identifies excess inventory across the supply chain and recommends reshuffling of stock, providing the exact quantity at store and SKU level. This reshuffling helps the retailer reduce wastage and earn more. Visibility across the supply chain StockWise provides a single view of data across the hierarchy and ensures complete transparency which can result in streamlined remedial action. Mobility Real-time, actionable insights are available to all, with choice of device like Mobile, Tablet or PC. Better Decisions, Faster The StockWise Predictive Analytics Engine provides, real-time analytics and insights into daily stock at the store, right down to the SKU level. Inventory levels are monitored and re-order levels adjusted in real-time. Improved sale by stocking the right SKU’s in the right quantity in the right place. The precise and continuous visibility helps retailers in quick decision-making. Easy Integration Easy integration with SAP, JDA, Oracle or any other EPR with a CSV data file which can be immediately fed into the ERP system to adjust reorder levels. Transparency across the Supply Chain StockWise helps to quantify excess inventory in real-time, pre-empts stock outs while pointing out optimum re-order quantity levels and how much to order at all levels of the supply chain.