Have you always wanted to know how innovation can support inventory optimisation and procurement management? Innovation is the application of new technologies to improve services and products, and their development. As a company you remain flexible, and you can move faster in a market that changes quickly. When you respond quickly to trends and developments, you make sure that not only your customers, but also your partners remain satisfied. Below you can find three reasons why innovation plays an important role in inventory optimisation.
1. Always sufficient inventory for excellent service
With innovation you ensure you have sufficient inventory for your customers. Artificial intelligence methods and forecasting models make it easier to create targeted purchasing choices. You can determine the right inventory when you have data such as (old) sales, trends, consumer buying behavior of your target group, and the delivery times of your supplier. Ultimately, as a store owner, you want to avoid saying “no” to your customers. Purchasing in an innovative and smart way, you gain better insights into which products sell and which sell less. In the long run, this ensures excellent customer service, and with that you improve customer satisfaction. The faster a customer receives his or her order, the more positive the online shopping experience is.
2. Stand out from your competitors
The less you can meet market demand, the less you can pursue high customer satisfaction. If you often have to say no, customers will quickly run to the competitor. By acting innovatively, you ensure that you are flexible. In a market where the customer demands change quickly, this is a must. Competition is fierce, especially within the e-commerce industry. As a store owner, you can e.g. pursue a promise that reduces saying no to customers. This can be a reason for customers to have their products at home quickly.
3. A sustainable supply chain that causes less waste
Sustainability has played a major role in various companies in recent years. The influence of people on our earth causes more CO2 emissions, resulting in more extreme weather changes. As a store owner, you can deal with this responsibly by making your inventory optimisation and purchasing process smarter and greener. How? Analyse relevant inventory data with forecasting models, and ensure you always purchase enough. You no longer have to order unnecessary inventory, which means that products can be produced less quickly. In addition, you buy less inventory that wouldn’t sell anyway. Of course, this also has positive consequences for the transport and logistics of materials.
Implementing innovative solutions means constantly making smart choices. Inventory optimisation is made possible by data-driven choices. This prevents unnecessary inventory, but it also prevents not having enough inventory. Finding the balance between these aspects ensures that customers remain satisfied and the ecological footprint remains as low as possible.
Do you want to know how your store can apply innovative inventory optimisation? Schedule a demo with us. Within 30 minutes you’ll learn how AI and forecasting models can result in more turnover and less time spent on purchasing.