Replenishing retail stores can be straightforward, except when it is not. Trends may go up or down, there may not be enough inventory to go around. Certain retailers may want to favor certain doors, certain manufacturers may want to favor certain retailers. There can be many factors involved with allocation, each with their own logic. Many companies address this manually, or by gut instinct. It can be an impossible task.
At Enhanced Retail Solutions, we have felt your pain and created a module within our demand planning software that integrates retail POS data, on hand, warehouse inventory data and combines it with sales curves (seasonality) or flat curves, space constraints and priorities to specific store locations to run inventory allocation/replenishment.
Most similar business intelligence tools are reactive: If three units were sold, the software suggests three replaced units. While this approach may work for basic, consistent selling items, it does not account for seasonality, promotions or other trends. Not only does this module of ERS’ demand planning software allow for that, it also adjusts quantities based upon space constraints and priorities users give to individual store locations. Inventory replenishment can be set up to run automatically at night. Reports can be updated and sent automatically. Charts, graphs and grids can be combined into dashboards that offer a clear view of your inventory rationalization.
This demand planning software is equally applicable for retailers with a few stores or many. It’s also applicable for manufacturers who help their retail partners with allocation or replenishment. Contact us today to learn more about our retail analytics platform!