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We’ve harnessed the integration of external factors and promotions to achieve unparalleled accuracy in inventory management, offering visibility and empowering strategic decision-making.
Integrating inventory management external factors and promotions, essential for achieving unparalleled accuracy and strategic decision-making
We've harnessed the integration inventory management of external factors and promotions to achieve unparalleled accuracy, offering visibility and empowering strategic decision-making.
Problem Statement:
- Low forecast accuracy due to reliance on spreadsheet-based forecasting.
- No mechanism to integrate external factors such as promotions and events into the forecasting process.
- Lack of visibility into key inventory KPIs.
- Lack of an automated mechanism for decision-making assistance based on external parameters.
Value creation:
- Forecast accuracy up by 12%
- Inventory reduction opportunity of 8%
- External dataset integrated forecasting capabilities
- Complete inventory visibility
- Integrated forecasting and demand planning capabilities for informed decision-making
Flowcharts:
Our Inventory Management approach empowered a leading brand to increase sales by 35%, factoring in real-time data from promotions, weather, and external events. This is part of our broader demand planning services aimed at reducing stockouts and excess inventory.
To explore how businesses use external data to refine their inventory strategies, read this article on McKinsey’s approach to external data in forecasting. You can also learn how brands are rethinking promotions from Harvard Business Review.
Integrating inventory management ...
