According to “Gartner’s Future of Supply Chain: Crisis Shapes the Profession” report, 43% of suppliers are investing in safety stock now with another 11% planning to do so within the next two years. For today’s suppliers, the ability to anticipate the evolving global supply chain is critical to business success. Moving away from outdated traditional inventory management practices, the path to a profitable future requires the need for on-demand forecasting, predictive business intelligence and flexibility.
The integration of an advanced analytics platform and its on-demand forecasting capabilities is integral to the success of supply chain operations because, simply put, it reduces uncertainty. With the ability to maintain a pulse on every aspect of the retail supply chain, suppliers can allocate and replenish inventory accordingly. Driven by predictive business intelligence, suppliers are able to determine their lowest performing SKUs to cut underperforming products. This enables suppliers to increase profit by reallocating resources to build safety stock of its highest performing items and gain a strong shelf presence – ultimately, growing market share.
With the ever-changing retail landscape, controlling product inventory has risen to the top of major company agendas. In the past, suppliers maintained a steady level of inventory because competition was low. Now, with more competitors and a growing market at retail, suppliers of all sizes need to seize the opportunity to deliver against fluctuating demand by keeping targeted inventory in-stock and on store shelves. With today’s high consumer expectations, rapid shift to e-commerce, and significant supply chain disruption, optimizing inventory has never been more important.
Make demand planning and inventory management a competitive business advantage for your company.
Make demand planning and inventory management a competitive business advantage for your company.
Insights and perspectives for today’s supply chain leaders.
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