Inventory Intelligence That Gets Results

Analytics has become an integral part of the decision-making process in many organizations. For companies managing inventory, the use of analytics is a necessary component of the planning process and can be leveraged to improve business results.

Evidenced by a recent survey conducted by Accenture, they found that high-performance manufacturing companies are five times more likely to be using advanced analytics than their underperforming peers. But as attractive as analytics is, there are challenges to implementing advanced solutions in the operations environment. In a recent article published by IndustryWeek, author James Robbins, provided insight into these challenges and they include:

• Focusing on the wrong metric, or too many of them
• Having too much data
• Managing transition from intuition to fact-based analysis
• Cleaning up bad data
• Selecting the right people with the right skillset

As the interest of advanced analytics grows, so to does the tools of technology that support the decision-making process. Especially for advanced inventory planning capabilities, one of the best tools in the market today is an inventory optimization solution. Not only do these solutions provide inventory intelligence to support smarter decisions about the inventory investment, but they generate stocking strategies to achieve targeted service levels at the lowest cost of inventory.

Read the full article from IndustryWeek.

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