Inventory costs are skyrocketing amid persistent supply chain disruptions including longer lead times for orders, delayed shipments, inflation, and material shortages. So how can companies achieve high service levels and revenue targets despite this latest round of volatility?
In this guide, we take you behind the headlines, break down the inventory risks businesses should watch out for, and prescribe 10 strategies you can use to minimize inventory disruption and maximize profit.
Adopt Automated Order Fulfillment and Real-Time Inventory Visibility
Capture events across systems to create a real-time record of inventory for centralized availability and eligibility management and to display accurate and real-time inventory to any channel or application.
Harness External Data to Anticipate Shifts in Consumer Demand
It’s crucial to incorporate outside-in market data including weather and social trend data. A self-learning, AI-powered system can use this data to drive store and channel clustering algorithms and localized assortments as well as demand sensing for daily fine-tuning of the forecast.
