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Inventory Accuracy: The Key to Retail Success
At RetailX, speakers explained why having real-time control of what's in stock depends on technology and how this can create competitive winners in business.
According to Buzek, a winning retailer needs to utilize the concept of unified commerce, which means keeping an accurate view of the products it has in stock without separating the channels for which they are intended. That is, retail businesses must maintain control over a unified stock in order to facilitate ominichannel sales.
Hardgrave focused his presentation on demonstrating that accurate product counts and inventory visibility play crucial roles in the future of retail. He said that this can especially ensure the success of omnichannel initiatives and other tactical operations, such as BOPIS.
Another conclusion of the study presented by Buzek is that the impact of RFID for those who invest in technology is an average sale increase of almost 300 percent, "especially thanks to gaining accurate inventory information." RFID is not the core technology for loss control, he noted, though it can provide an important secondary layer.
Buzek also reported that artificial intelligence and machine learning will greatly impact inventory counting during the coming years, and that sales forecasting can only reach its full potential once companies have deployed RFID. "AI and ML require clean and accurate data," he maintained.
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