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DATA-DRIVEN SOLUTIONS

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Data-based retail sales performance management

Data-driven business operations, data-based decision-making. More and more companies adopt this approach, as using artificial intelligence and properly collected, processed and analysed information enables, for example, more efficient, profit-oriented operation for a commercial network. However, retail sales performance management also poses a number of challenges. In today's article, we set out to explore these and show how our data-based solutions can deliver tangible business performance improvements.

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The role of demand forecasting

There are many unknown parameters in finding the optimal balance between supply and customer demand. The first step in the process is planning, which includes discounts, promotional campaigns, pricing, and product placements, as well as planning purchasing, warehouse inventory and deliveries. The longer term and the more accurate the planning, the greater the competitive advantage achieved. However, making informed decisions requires reliable information and IT solutions that help to translate large quantities of data into the right decisions.

Without a data-driven approach, demand forecasts can be time-consuming, inaccurate, and not long-term enough.

In addition, past figures exclusively and alone are not a clear guide to future results, as seasonality, trends, and external factors such as the weather need to be taken into account to make a more precise forecast. Next comes the proper implementation of well-founded plans.

Our solution: Demand forecasting with artificial intelligence

Machine learning-assisted demand forecasting is far more accurate, reliable and efficient than traditional methods. This is because predictive analytics can identify deep correlations between data and derive accurate automatic forecasts. The results of planning, procurement and logistics activities based on more accurate demand forecasting are:

  • Increased sales and therefore more reliable customer servicing,

  • Faster rotation of raw materials, semi-finished goods and finished goods in the warehouse,

  • Reduced inventory value and capital tie-up,

  • Reduced warehouse space,

  • Increased corporate cash flow.

With the support of artificial intelligence, not only the daily operational work can become seamless, but the planning and evaluation of promotional campaigns, the organisation of a possible stock sweep can be carried out more efficiently too.

If you are interested, please contact us and become familiar with our service portfolio!

About author

Gaspar Sandor Szerzo
Sándor Gáspár

Head of the Artificial Intelligence Competence Centre

Analytics - Data Solutions

Gáspár Sándor has been leading Stratis' artificial intelligence division since 2020, bringing over 20 years of experience in data science. Together with his team, he develops machine learning-powered decision support solutions for large enterprises, leveraging our clients' existing data assets. Additionally, he assists in automating our clients' existing processes using deep neural networks-based NLP and machine vision solutions.

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