**This insight utilizes Seek Enrich, a sophisticated proprietary intelligence layer that combines diverse data sources for an in depth and enriched analysis.
Insight Overview
Seek’s Predictive Inventory insight is a game-changer for Replenishment/Supply Chain and Customer Business Management teams, paving the way from a reactive approach to a proactive strategy in managing inventory levels.
Crafted by industry pioneers, this insight not only leverages point-of-sale data but also integrates critical weather data and upcoming event information near store locations to forecast future demand more accurately. By anticipating weather-adjusted stockouts and considering the impact of local events, it helps to preemptively identify potential lost sales due to insufficient inventory, allowing you to take informed actions to improve in-stock percentages and reduce stockouts effectively.
Insight Benefits
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Proactive Visibility: Quickly gain insights into upcoming stockouts across stores, items, and DCs, now with the added layers of weather and event data to provide a more nuanced forecast.
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Capture Lost Sales: Act swiftly to recapture lost sales, with variable replenishment lead times adjusted based on weather patterns and upcoming events that could influence customer demand.
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Enhanced Planning: Understand future inventory positions more comprehensively to better plan for features, displays, and marketing campaigns, ensuring your strategies align with predicted market demands.
Actions You Can Take
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Timely Replenishment: Utilize predictive inventory insights to align item replenishment schedules effectively, ensuring timely inventory restocking without the pitfalls of over-ordering or under-ordering.
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Supply Chain Efficiency: Enhance supply chain efficiency by identifying and rectifying inefficiencies and bottlenecks across stores and distribution centers. Streamline processes to reduce lead times and minimize stockout risks, all while considering the potential impacts of weather and localized events.
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Strategic Inventory Adjustment: Leverage predictions of future demand, informed by weather and event data, to strategically adjust inventory levels. Ensure that the right products are in stock at the right time, catering to customer needs adeptly.
Key Metrics
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Out of Stock Inventory: A detailed count of out-of-stock instances across every Point of Distribution (POD), incorporating weather-adjusted stockout predictions and event impacts to provide a more accurate count. (e.g., 2 items * 2 stores * 7 days = 28 OOS).
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At Risk Dollars: Estimate the financial risk from potential future out-of-stocks, with adjustments made for anticipated weather conditions and event influences on customer purchasing behavior.
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Lost Dollars: Calculate the potential financial loss due to future out-of-stocks, factoring in the added dimensions of weather and event data for a more precise analysis.
- Weather Adjusted Risk dollars: Utilize meteorological data to understand how different weather conditions can influence customer purchasing behavior and potentially lead to stockouts. Adjust your inventory strategies based on seasonal trends and weather forecasts to minimize the risk of out-of-stock situations.
- Upcoming Events/Event Planning:Integrate data on upcoming events near store locations to anticipate surges in demand. Tailor your inventory strategies to cater to the potential increase in customer footfall during local events, festivals, and holidays, ensuring that you are well-stocked to meet customer expectations.