Consumer demands have always been dynamic. An overall understanding of consumer wants and demands, and the knowledge of how demand varies enables retailers to manage inventory in a great way. Predictive analytics gives you this power. It cuts down the ambiguity of demand underestimation or overestimation that may lead to lack of goods supply or surplus goods storage. Apart from managing stock, predictive analytics enables retailers to reduce transportation costs, increase collaboration with customers, merchants, marketers and suppliers. Predictive analytics can be used to allocate incoming inventory to the highly effective point of demand and to shift excess inventory to alternate locations as needed.
Element offers retailers the power to understand and accurately predict demand variations, forecast customer purchasing interests that vary by location, nature and time. Our predictive analytics capability provides customers with furnished, clean data that can be leveraged to come up with precise forecasts. Enterprises, small, medium or large can build forecast models, create processes that will help them solve some of the pressing issues affecting the overall supply chain cycle. Accurate forecasting will help enterprises to see through the supply chain cycle. Retailers can optimize inventory by storing appropriate amount of stocks at the right locations and hence avoid wastage.
Our analytics solution enables retailers to:
- Optimize inventory levels, reduce stock shortages
- Lower inventory costs by analyzing item movement
- Track inventory throughout the order and delivery process
- Forecast new product launches
- Model & Forecast calendar/event definitions
- High-performance batch forecasting & large-scale automated forecasting