Why Clean Inventory Data is Essential?
Inventory data lets you know what to order, when to place an order, how much to order, and at what price to pay. Without clean data to work with, it’s nearly impossible to re-order with any precision.
You’ve probably heard the phrase, “garbage in garbage out.” And, considering that inventory is a retailer’s most important asset makes having clean inventory data absolutely critical. Even the most sophisticated machine learning algorithms are useless if the data input is garbage.
How Clean Data Monitoring Works?
Step 1: Data Integration
Access to your point of sale (POS) data allows us to evaluate inventory data longitudinally, in real-time.
Step 2: Data Mapping
All stock items (e.g. SKUs) are mapped to our in-house item master to power benchmarking across the database.
Step 3: Statistical Analysis & Automation
All stock units are mined and monitored using machine learning algorithms. As errors are identified, the rogue data is then categorized for you into Excel-like tables. You are alerted via email and can access these tables securely to make appropriate changes.
Step 4: Immediate Results
Expect immediate inventory quality improvements which afford opportunities to achieve significant top- and bottom-line improvements. For example, precise inventory counts feed predictive ML/AI algorithms that power profit optimized ordering.
Learn how we help retailers achieve near error-free data to realize fewer stock outs and overstocks, driving profitability and service levels.