To maximize sales opportunities, retailers need to make sure that the right product is on the shelf and available for the customer at the right time. The ItemSight Cloud can help retailers address this age-old problem while improving inventory and replenishment processes, increasing visibility into shrink, and automating tasks to reduce labor costs. Inadequate stocking levels translate into missed opportunities and sales
Inventory Visibility in the Supply Chain Value to Retailers
- Boost revenue and customer satisfaction by reducing stock outs
- Provide vendors with real-time visibility of inventory in the supply chain, improving forecast accuracy and damping the inventory whipsaw effect
- Reduce inventory exposure, ageing and working capital requirements
- Track packaged goods from factory to retail floor
- Product is automatically registered as it passes through dock doors and thruways, providing location information
- Empty case boxes and RPCs are captured as they leave the store floor, indicating usage while overstocking to ensure that the right product is available at the right time leads to excessive capital requirements that can reduce profitability. Product availability is a significant factor in customer satisfaction and loyalty – industry studies reveal that consumers are likely to switch retail stores if they experience out-of-stock items just two or three times
Intelligent systems represent what we expect will be the future of our business and your business. And as we prepare for that future, there is a critical reality we each have to face. An intelligent system isn’t just a matter of assembling thousands of data-gathering devices. An intelligent system is the amalgamation of devices, software, solutions, connectivity, servers, and analytics that produces business intelligence.
In-Store Inventory Management – Items Value to Retailers:
Intelligent Systems will significantly reduce cost, and time required for physical inventory. The time it takes to do physical inventory is reduced by 90% from several man days to a fraction of a day. will not only enabled lower costs, but also enable more frequent counts. The resulting RFID based inventory is more accurate
Eliminate stock-outs of product categories with high SKU count such as apparel and books, leading to improved revenue, and customer satisfaction
The Intelligent System Procees:
- To start, intelligent devices capture data securely and enable informed decision making at the point of impact.
- Device types will range in form factor and use depending on the industry and application. But they are all generating data which is no longer just stored on the device but rather connected and shared.
- After data is gathered, information flows to a corporations back-end systems where it is processed and analyzed.
- These systems can be either in the cloud or on premise. It’s here where the data is being stored, shared and analyzed to drive intelligence.
- Once the data is collected, then the most important part of the cycle occurs, business intelligence. Now the data is translated into new insights that can be used to create value and improve customer, employee and partner interactions.
- That insight can then be fed back through the corporations systems to drive new behavior and then ultimately back to the devices themselves to drive change at the point of engagement.
ItemSight consists of a suite of applications that have been developed on a highly scalable, services oriented architecture platform from Microsoft, designed specifically to deliver flexibility, ease of integration, and an Intelligent Systems framework at the lowest possible total cost of ownership.
Retailers are implementing strategies to address the needs of the Connected Customer, creating experiences that can fluidly flow between online and in-store experiences.