Revolution in inventory management: AI solutions for local dealers
Revolution in inventory management: AI solutions for local dealers
The precise management of inventory is of the utmost importance for retailers, but an alarming number of up to 60 percent of the existing lists in the trade proves to be imprecise. This has recently been announced by Relex Solutions. In order to counteract this problem, the company has developed innovative inventory forecasts to optimize inventory management for retailers.
There are many of the challenges: Deviations in the holdings and so -called phantom stocks that arise when articles are displayed as available, even though they are not available in the warehouse. This discrepancy can occur for various reasons, including scanning errors when accepting the goods, theft, inaccuracies when weighing or laying goods without this was correctly documented.The solution: relex true inventory
"dealers who work with phantom stocks tend to give up orders either too early or too late. This can lead to bottlenecks and, in the worst case, perishable inventory and copies," explains Stuart Douglas, Product Lead for Forecasting & Replenishment at Relex. The introduction of Relex True Inventory aims to address this problem. This novel solution for inventory forecast not only focuses on the inventory, but also covers the orders in the branches. This is intended to increase the accuracy in supply planning and the efficiency in the business, which ultimately contributes to improving profit margins when selling.
The use of artificial intelligence (AI) and Machine Learning creates a precise image of the actual inventory at Relex True Inventory. This technology recognizes anomalies and offers managers prioritized recommendations to identify the most promising inventory controls. The innovative approach of relex uses probabilistic models that specifically draw the employees' attention to the right products.
This methodology uses AI to improve the accuracy of the data. Relex True Inventory manages a continuous stock of transactions at the sales point (POS) and continues to learn from newly available data on the Relex platform. In this way, the technology can also be used to order supplies, even if there is no complete inventory data. This is particularly advantageous for fresh goods where timely post -orders are crucial. In addition, this approach consolidates the entire inventory data acquisition in a single system and significantly improves the Cycle Count Management.
The implementation of these technologies is considered significant progress for the retail industry because it offers an efficient solution to the challenges in existing management. The article on Dispo.cc illuminates the background of these innovative approaches and offers readers more information about the developments in the industry.
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