Inventory management is crucial for any business with a supply chain. Inefficiencies in Inventory management can erode profitability even as revenues grow. It is important to efficiently manage the inventory for profit maximization and improving customer satisfaction. Any inefficiencies in inventory management can lead to lost revenues (stock out and customer churn) and increased costs (excess inventory). Business Intelligence tools can help businesses easily monitor Inventory levels and enable Inventory optimization decisions.
Three key challenges that Inventory managers face are: excess inventory, out of stock, lack of visibility into stock.
Excess inventory results in increase in working capital, increase in inventory holding costs and risk of obsolescence. Excess inventory also presents a challenge of lost opportunities, as the locked up working capital could have been put to better use by the business.
Out of stock items can lead to lost orders and adversely impact customer satisfaction. When an item is out of stock, customers may buy from competition. This can lead to lost revenues and customer churn. Customer satisfaction is likely to drop and could lead to decreased loyalty
Lack of visibility into stock can result in sub optimal replenishment orders. Not having clear visibility into related items can result in suboptimal decisions about replenishment orders.
A Business Intelligence tool can provide Inventory managers with deep insights into product performance and customer behavior; helping them address each of these three challenges. Business Intelligence tools can be used to not only generate reports about current levels of the inventory but also answer deep questions about customer transactions, inventory, customer behavior, replenishment orders etc.
Vizard, Infruid’s patent-pending Self-service Business Intelligence tool, can empower Inventory managers with all the insights they need to make the right data-driven decisions. With an intuitive search interface that lets users ask questions in simple English, Vizard requires absolutely no learning for new users. Go-live in less than a day, why wait for weeks for your IT team to roll out new dashboards, when you can build your own Business Intelligence dashboards in less than 5 minutes?