**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 Historical Out of Stock insight serves as a robust tool for Replenishment/Supply Chain and Customer Business Management teams, providing a detailed analysis of historical out of stocks and the replenishment periods that have influenced stock levels in the past.
Now bolstered with seasonal identifiers, weather, and demographic data from Seek Enrich, this tool offers a comprehensive view of the factors driving out-of-stock instances, and crafts pathways to avert such occurrences in the future.
Utilize this insight to enhance visibility across your item portfolio, empowering you to make informed actions at various business levels. With a rich tapestry of data that encompasses seasonal variations, weather patterns, and demographic trends, you can delve deeper into your inventory history, crafting data-driven strategies to streamline your future supply chain dynamics.
Insight Benefits
-
Comprehensive Visibility: Gain an unprecedented view into past out-of-stock performance, now aggregated across various dimensions including seasonal variations, weather impacts, and demographic influences.
-
Understanding Lost Sales: Delve deeper to understand the lost sales attributed to insufficient inventory, now with insights on how different seasons, weather patterns, and demographic trends have influenced the availability of brands, items, and stores.
-
Identifying Opportunities: Recognize which brands, items, and stores hold the greatest potential for improvement, by analyzing historical data enriched with seasonal, weather, and demographic information.
Actions You Can Take
-
Timely Replenishment: Utilize the enriched data from the Historical Out of Stock insight to align item replenishment schedules more accurately, avoiding over-ordering or under-ordering and ensuring timely stock replenishment.
-
Supply Chain Efficiency: Leverage the deeper insights provided by the tool to optimize your supply chain further, identifying inefficiencies and bottlenecks across stores and distribution centers and streamlining processes to reduce lead times and minimize stockout risks.
-
Strategic Inventory Adjustment: Make informed decisions to adjust inventory levels based on a richer understanding of past demand patterns, including seasonal influences, ensuring the right products are in stock at the right time to meet consumer needs effectively.
Key Metrics
-
Out of Stock Inventory: Detailed counts of out-of-stock instances across every Point of Distribution (POD), enhanced with insights on how different seasons and weather conditions, along with demographics have historically influenced stock levels (e.g., 2 items * 2 stores * 7 days = 28 OOS).
-
Possible In Stock Inventory: Data on potential in-stock inventory, factoring in the instances where seasonal changes, weather patterns, and demographic trends might have affected stock availability on any given day.
-
In Stock Percentage: A more nuanced understanding of the in-stock percentage, accounting for influences of seasonal trends, weather, and demographic patterns.
- Out of Stock Percentage: Analysis of the out-of-stock percentage, now with a deeper understanding of how external factors like seasons, weather, and demographics have played a role.
- Missed Dollars: A projection of the sales dollars missed from out-of-stock items, with an added layer of analysis considering seasonal influences, weather, and demographic impacts.
- Weather and Seasonal Influences: Integrate historical weather data and season identifiers (like summer, spring, fall) to analyze how different weather conditions and seasonal trends have impacted stock levels in the past. Use this data to anticipate potential influences of weather and seasonal changes on stock availability, and adjust your strategies accordingly.
- Demographic Insights: Utilize demographic data from Seek Enrich to understand how different demographic groups have influenced stock levels historically. Incorporate these insights into your inventory management strategies to cater to the specific needs and preferences of various demographic segments