Apptricity CEO Defines Key to Retail Business Success in 2013 Holiday Shopping Season: Inventory Management
Apptricity's Tim Garcia discusses obstacles retail warehouses face and how to overcome them in the upcoming holiday season using high-quality inventory management software.
October 29, 2013 - Dallas, TX - With the holiday season right around the corner, retailers need to prepare their inventory management software to ensure all of the year's hottest toys and electronics are kept in stock so sales don't decline. As founder and CEO of a leading supply chain execution solution provider, Tim Garcia explains why e-procurement has made inventory management more important than ever.
According to a 2012 survey by the Institute of Customer Service, one in five consumers said they had tried to buy an out-of-stock item within the previous month. More than a third had been stymied by an out-of-stock experience in the previous six months.
“There's no doubt that consumers want products to be in stock when they do their holiday shopping,” said Garcia. “Without a quality inventory management solution like Apptricity's, retailers and brands do not have complete transparency of incoming and outgoing items in their warehouses, potentially putting sales at risk.”
More unsettling findings from the Institute of Customer Service included:
- A quarter of respondents said they found an item out of stock even after checking first to see if it was available.
- Nearly a third said they found an item out of stock even after seeing a promotion for the item that encouraged them to visit.
- Half of respondents called lack of stock “one of the most frustrating shopping experiences.”
- The types of retail outlets suffering the problem most include food (21 percent), clothing (16 percent) and electronics (9 percent).
“Inventory management requires more than a clever holiday forecast,” Garcia added. “Most retailers who are struggling have not achieved the 360-degree visibility they need to maximize sales without being left with inventory they can't sell.”
A state-of-the-art inventory management system can streamline daily operations and provide complete transparency, from supplier lead times and warehouse capacities to customer delivery. Applications can be layered on any legacy network to track inventory levels through multiple methods, including RFID. Applications allow you to cull the data any way you need it: product type, bar code, manufacturer, facility or supplier.
The right inventory system will couple with applications for asset management, transportation management, warehouse management – even invoice management and expense management. Properly configured and automated, all the information will line up so the entire supply chain is visible, from the top down.
C-Levels can see the exact location of a single shipping container holding their product thousands of miles away, in addition to the date and time it will arrive onshore. This level of visibility allows organizations to make changes on the fly regarding sourcing decisions, etc. The more actionable data you have, the more real- time your decisions can be.
“With Apptricity's inventory management software, retailers will understand lead times in an entirely new light and ultimately make more informed decisions regarding sourcing strategies in a world filled with connected consumers and fad-a-minute products,” said Garcia.
To learn more about Apptricity's inventory management solutions, please contact an Apptricity representative at 214-596-0601.
Apptricity provides innovative software applications that help companies of all sizes run better and maximize their resources. Our applications deliver critical real-time intelligence to your mobile device, keeping you connected to the office, the warehouse, and the final destination. Jetstream, our revolutionary platform, enhances legacy ERP applications and extends the value of IT investments to sharpen your competitive edge. Jetstream solutions unify objectives for Fortune 500 companies, government agencies and the military with accelerated business processes and command visibility. Our solutions evolve to help your enterprise operate more profitably and grow.