Using this tool improves promotional planning overall and helps you analyze every detail of your baseline sales. With a more clear view of their own promotional performance, they maintain a better sales lift. Using real-time tools, you'll be able to use promotional scorecards to see what's working and how much inventory you need during strategic times.Įven your supplier benefits immensely with this system, especially if they worry about how much money they spend on promoting SKU's.
Studying the metrics of your promotional activity can help considerably in managing your inventory so you never have discrepancies. This works through the cloud so data becomes immediately accessible, even on a mobile device as you travel. That's why you should look for inventory management software with real-time capability. With a complete picture of what's occurring in your retail business as it happens, you won't have to rely on analyzing data after weeks or months to act on results. Getting ahead of a competitor can be very time-sensitive, and this is never more evident than when you launch a new pricing strategy. In today's more competitive retail landscape, it's essential to see sales performance results sooner rather than later. SEE ALSO: The Critical Role That Scan-Based Trading Plays In Shrink Reduction Why Real-Time Metrics Matter Let's see how this works as a way to make inventory management management a proactive process for all supply chain partners. It prevents all the time needed to make phone calls, send emails, or other communications to get things coordinated. Keeping on top of your inventory can occur through various types of analytics - from promotional performance to market basket analysis. While communication is important between you and your supplier, analytics can tell you so much about inventory issues. This starts with more visibility into your stores for you, but also for your suppliers. Taking a proactive approach to inventory management solves a lot of problems in this field, and using an analytics solution is one of the best options - espcially if the tools use real-time technology to give a more accurate view of what's going on in all of your stores.īy using more thorough metrics, you'll find out exactly what's occurring with your inventory without confusion. We're living in a time when analytics software is more important than ever, especially within the complex retail industry.