As a distributor, these are issues you will need to address. When one retailer runs a promo, you will predict how that promo will impact your inventory. If customers want a same-day pickup, it’s your job to deliver goods on time. Forecasting was difficult in the linear brick-and-mortar environment. In today’s digital shopping ecosystem, it can seem impossible.
How do you enable omnichannel inventory, but leverage it in your forecasting and
Many companies believe
- Poor omnichannel forecasting tools
- Inadequate technology stack
- Reliance on canned ERP algorithms
If you use the right forecasting solution, an increase in SKUs shouldn’t ever impact forecasting accuracy. Instead, most of the $1.1 trillion lost in revenue due to stock-outs and overstocks are due to inefficient algorithms unable to handle the pressures of omnichannel forecasting and cross-retail promos. Omnichannel is no longer optional. And it’s absolutely impacting the accuracy of your forecasts.
Virtually every distributor has tried digital supply and demand. There’s no turning back. Over 2 billion people are shopping online, and that impacts the way you handle inventory. Suddenly, you need to ship products to retailers based on various criteria that didn’t exist a decade ago. Customers buy products on mobile devices, desktops, and apps, and they expect instant access to those products.
When we built StockIQ, omnichannel forecasting was front-of-mind. The digital landscape has intersected physical locations in a very tangible way. You need intelligence to evaluate appropriate stock levels, predict seasonal demands, and forecast against promos ran against any SKU or batch in your facility. You need these capabilities in a real-time, dynamic environment that relies on speed, accuracy, and pitch-perfect inventory management. So, what does that look like in action?
How StockIQ Enables Omnichannel Forecasting
StockIQ is an incredibly advanced
You can drill down to the item level to make forecasts, or you can forecast across bins or specific item lines. This is important in the context of omnichannel forecasting. You need insights into every nook and cranny of your inventory, not just a broad view. Since you’re now dealing with a convergence of vendors and supply lines, a single promotion from an online vendor can completely invalidate a forecast at the item level.
Unlike traditional forecasting tools — which often leverage top-down forecasts built on conventional algorithms — StockIQ leverages intelligent smoothing algorithms capable of predicting demand from the bottom-up. Our intelligent engine even monitors for new promotions and changes depth and frequency for each new addition — ensuring that promos never catch you by surprise.
StockIQ provides both data-driven forecasting capabilities that are intelligent enough to navigate an omnichannel landscape as well as the tools and resources you need to establish and maintain vendors in both digital and brick-and-mortar locations. Our platform generates entire order schedules based on each item every single day, and our vendor and supplier tracking capabilities keep you abreast of any and all vendor and supplier-related frictions.
In addition to vendor management and hyper-intelligent forecasting, we also provide a state-of-the-art replenishment engine that makes ordering easy, instant, and headache-free. You need an enabling platform capable of handling an omnichannel ecosystem of orders and replenishment. We’re ready. Are you?
Are You Ready to Embrace the Omnichannel Revolution?
Omnichannel inventory management is here to stay. When demand dries up in one supply chain stream, you need to quickly pivot to a new one, and it may be digital. StockIQ is purpose-built for the modern supply chain. And we lay our solution on top of your favorite ERP. Don’t let omnichannel inventory management sap your liquidity and outdate your forecasts. We can help you build transparent, accurate, and intelligent forecasts to meet every channel, every time.