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𝗨𝘀𝗲 𝗼𝗳 𝗔𝗜 𝗳𝗼𝗿 𝗗𝗲𝗺𝗮𝗻𝗱 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁𝗶𝗻𝗴
The use of AI in retail inventory management is increasingly gaining prominence. AI-powered demand forecasting tools allow the processing of massive volumes of data and derive insights that humanly or with the capabilities of existing applications are nearly impossible to think of. Furthermore, the ability of AI to learn makes it even more useful to improvise with business dynamics. With AI embedded in retail inventory management software applications, businesses have access to better insights and analytics which are essential for improved decision-making that has positive ramifications on costs and efficiency.
Get advise for E-commerce retail business : https://www.yourretailcoach.ae/contact-us/
𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗢𝗽𝘁𝗶𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝗥𝗲𝘁𝗮𝗶𝗹𝗲𝗿𝘀
An essential aspect of efficient 𝗶𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗳𝗼𝗿 𝗿𝗲𝘁𝗮𝗶𝗹 is stock optimisation. In inventory management, optimisation is carried out to maintain stock at levels which results in keeping costs minimised. Costs in inventory management like purchase, holding, and carrying costs can easily go beyond what otherwise could be kept lower. Without optimisation measures, situations of excess stocking or understocking may arise.
𝗨𝘀𝗲 𝗼𝗳 𝗥𝗙𝗜𝗗 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆
Among retail stock control solutions, the use of RFID is considered one of the best in today’s technological landscape. Although RFID has been in existence for a long its usage has increased in recent times. One reason for this is improvement in other technologies with which RFID could be used. The key utility of RFID in inventory management is tracking. 𝗥𝗲𝘁𝗮𝗶𝗹 𝗶𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝘁𝗿𝗮𝗰𝗸𝗶𝗻𝗴 𝘁𝗼𝗼𝗹𝘀 integrated with RFID help in real-time monitoring and operations like counting, measuring, checking out, etc.
Get advise for E-commerce retail business : https://www.yourretailcoach.ae/contact-us/
𝗩𝗲𝗻𝗱𝗼𝗿-𝗠𝗮𝗻𝗮𝗴𝗲𝗱 𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆
In a vendor-managed inventory arrangement, retailers hand over the activities related to inventory management to their vendors. It is like outsourcing the inventory management function. Retailers share sales and other relevant data using which vendors make decisions on inventory procurement and replenishment. It reduces the burden on retailers and also lends more efficiency to inventory management. Since VMI models rely on timely and accurate information-sharing, ICT plays a big role in their success. VMI is a powerful strategy for preventing stockouts in retail or for that matter, also preventing excess stocking.
𝗔𝗯𝗼𝘂𝘁 𝗬𝗼𝘂𝗿𝗥𝗲𝘁𝗮𝗶𝗹𝗖𝗼𝗮𝗰𝗵:
YRC is a 𝗿𝗲𝘁𝗮𝗶𝗹 𝗮𝗻𝗱 𝗲𝗖𝗼𝗺𝗺𝗲𝗿𝗰𝗲 𝗰𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴 house with expertise in setting up of new ventures, better management, and growth solutions. With a scaling global presence and 10+ years of experience, the firm has worked with over five hundred clients in 25+ sectors with a success rate of over 94.5%.
For expert retail stock management solutions or to speak to one of YRC’s retail consultants, and Get advise for E-commerce retail business : https://www.yourretailcoach.ae/contact-us/
Rupal Nikhil Agarwal
YourRetailCoach
+91 98604 26700
[email protected]
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