Get Every Product to the Right Location the First Time Around
New Product Demand Forecasting
INVENT Allocation System generates demand forecasts for new products at SKU/store level based on key product attributes, seasonality and store characteristics.
Successful retailers introduce new products almost every week. Forecasting where those new products will sell best and sending them to the right stores at the right quantities are the most critical steps in a product’s lifecycle and have a significant impact on profitability. Invent’s Initial Allocation offers a solution to this problem at three critical levels:
Invent Allocation determines the overall inventory and assortment targets for each store for each category.
System provides guidelines and enables users to match new products to store groups based on store clusters and product attributes, e.g. fashion, trend, basic and price groups.
Invent Allocation determines individual forecasts and optimal initial shipment quantities for new products.
Assortment Localization and Initial Shipment Optimization
Invent Allocation determines the optimal initial shipment decisions for each SKU-store combination. The objective is to minimize lost sales and at the same time reserve a significant portion of total inventory to remain at the warehouse, leaving sufficient flexibility for the replenishment system to work. This approach allows retailers to match customer needs best with the right inventory mix and minimizes costly inventory transfers later in the product’s lifecycle.
In addition to historical sales data, the system utilizes publicly available data (such as weather forecasts) and customer-specific data such as marketing calendar and product features.
Segment your products by volume, demand and lifecycle stage and manage its forecasting and replenishment tailored for each segment.
Lost Sales Correction
Monitors and reports lost sales and stock-outs; incorporates this information into demand forecasting for more accurate estimates of future demand.
Identify stores that are similar to each other based on known store characteristics and observed demand profile
The system determines product seasonality footprint and reacts accordingly in order to increase accuracy of future-demand.
System features are customized to fit the unique needs and business rules of each retailer.
Store capacity constraints are carefully monitored and taken into consideration in allocation plans
Optimal Size Mix
Each store, region, cluster gets allocated the right size mix based on its past demand profile.
Initial shipment decisions are taken with consideration of pre-pack constraints.
Initial Allocation Checklist
Localized assortment for each store
Lower average inventory
Fewer inter-store transfers
Higher inventory turnover
A simpler workflow to enable companies deploy consistent strategy across categories and business units
Invent Allocation leverages cloud for agility, flexibility and return on investment. Invent Allocation requires no IT investment and is offered as a pay-as-you go plan.
Smart Reports on Tableau
Invent Allocation provides the users with customizable Tableau reports on product’s lifecycle to monitor performance and provide insight.
Invent Allocation can be integrated with all ERP systems seamlessly. The user interface can be accessed from any HTML5 compatible device.