Inventory Management

Inventory Management

 

In this article, Abhinav Chandra explains how using AI can improve business processes and sales. 

Buying and inventory management automation can help retailers and brands react quickly, reduce markdowns and liquidations, improve customer experience, and drive profit.

The fashion industry has been one of the hardest hit by COVID-19. The unprecedented 32% decline in first half sales year-over-year has not been distributed consistently across categories. Below we present data that details the contrasting fortunes of two categories within fashion – Women’s Jeans and Men’s Sweatpants. We highlight how buying and inventory management automation can help retailers and brands react quickly, reduce markdowns and liquidations, improve customer experience, and drive profit.

Contrasting fortunes of two fashion categories

 Below we present how COVID-19’s effect on people’s mobility has had a significant, but contrasting impact, on two fashion categories – Women’s Jeans and Men’s Sweatpants. “Change in people mobility” is defined as the percent change in people’s engagement with retail or recreation activities compared to an average period prior to the pandemic (Jan and Feb 2020).

 

Key points in this article include:

  • Change in sales and people mobility 
  • Women’s jeans case study
  • Men’s sweatpants case study

 

Read the full article, How AI driven automation can help Retailers and Brands quickly pivot during Covid, on predictsysinc.com.

 

 

Discover practical inventory management tips that can help your business grow in this post on Carlos Castelan’s company blog. 

For any products-based business, it’s hard to overstate the importance of inventory management. Not only does effective inventory management help you to evaluate the state of your business and reveal various roadblocks to your success, but it also helps you to keep operations running smoothly and ensure that your customers stay happy. And when your business is growing quickly, it becomes even more vital. As we talk to customers of all sizes, we have heard several themes -that’s why we’ve provided these inventory management tips for flourishing businesses:

Use Up-to-Date Software

One common mistake made by many companies is that they continue to use inventory management methods and/or software long after it has become obsolete. And it usually comes down to costs.

But as The Houston Chronicle’s website Chron explains, using archaic inventory management contributes to a host of problems that end up costing your company much more money than the price of quality, up-to-date software. Digitized tracking allows better forecasting, reduces errors, improves customer service, and enhances efficiency. Research the market, and you will likely find a number of cost-effective options that can transform your inventory management practices.

 

Key tips in this article include:

  • Improve your forecasting
  • Stick to FIFO
  • Audit your stock efficiently
  • Check your products

 

Read the full article, Is Your Business Growing? Consider These Practical Inventory Management Tips, on the Navio Group website.

 

Join Kaihan Krippendorff on May 6th, for a summit with 24 thought-leaders from around the globe, across 24 hours where thought leaders will discuss how to rethink tomorrow for you and your Organization. Confirmed speakers include Dan Pink, Amy Edmondson, Marshall Goldsmith, Faith Popcorn, and Rosabeth Moss-Kanter. 

 100% of profits will go to charity. Donations will be awarded to Kiva, No Kid Hungry, GiveDirectly, and the European Food Banks Federation.

Next week Umbrex member Vijay Goel is speaking at Catersource/ The Special Event in Las Vegas, NV while member Carlos Entrena will be attending MIT Space Week in Boston, MA.

The Catersource Conference & Tradeshow is the only annual event of its kind. A show of unrivaled influence and inspiration, it’s a spirited gathering of all the people, ideas, and trending innovations shaping the catering and events industry.

MIT Space Week 2020 is three packed days celebrating space exploration writ-large, across the Institute.

Next week Umbrex member Daniel Wiser is attending Natural Products Expo West in Anaheim, CA.

The 39th annual Natural Products Expo West, the world’s largest natural and organic products event, gathered an inspired community of more than 86,000 attendees from 136 countries, all working to drive positive change in the CPG industry.

Next week Umbrex member  Anand Joshi will be attending ScaledML in Mountain View, CA.

At ScaledML the creators of TensorFlow, Kubernetes, Apache Spark, Tesla Autopilot, Keras, Horovod, Allen AI, Apache Arrow, MLPerf, OpenAI, Matroid, and others will lead discussions about running and scaling machine learning algorithms on a variety of computing platforms, such as GPUs, CPUs, FPGAs, TPUs, & the nascent AI chip industry.

Next week Umbrex member Dan  Markovitz will be attending KataCon 6 in Austin, TX and John Nantz will be attending McGuire Woods Healthcare Independent Sponsor Conference in Chicago, IL.

KataCon (or the Kata Summit) is the annual gathering place for Toyota Kata Geeks across North America and around the globe. It’s where the “convinced” and the “curious” gather to share what they’re learning, freely and enthusiastically. There is an interesting mix of short keynotes, hands-on breakout sessions, intensive deep dives, and mini-updates from a variety of practitioners, industries, and applications.

McGuire Woods Healthcare Independent Sponsor Conference is a premier two-day healthcare-focused private equity, lending and finance conference exploring new ways to successfully close transactions and achieve growth. This year’s conference includes presentations by companies seeking investment or financing.

Todd Bryan will be attending StartmeupHK in Hong Kong.

StartmeupHK seeks to promote Hong Kong as a startup destination, connect entrepreneurs, and create a vibrant ecosystem that draws innovative, high impact ventures from around the world.

Umbrex Co-Founder Margarita Soto is attending the World-Changing Women’s Summit this week in Sonoma, CA.

The World-Changing Women’s Summit is a gathering for mission-driven women leaders described as an opportunity to intentionally slow down and incubate connection, inspiration, and rejuvenation with other incredible women.

Umbrex is a Network Partner of this summit.

Next week Umbrex member Richard Stuebi will be attending DistribuTECH in San Antonio, TX. Richard is on the Advisory Committee helping to organize the event.

DISTRIBUTECH International is the leading annual transmission and distribution event that addresses technologies used to move electricity from the power plant through the transmission and distribution systems to the meter and inside the home.