2015 Inventory Planning Wish List
4. Build good plans and react urgently. Of course there's no such thing as a perfect merchandise plan, demand plan or inventory purchase. Success invariably comes from creating a strong plan and supporting it by having the processes in place to react quickly to the inevitable changes in your inventory requirements.
5. Leverage the power of your network. While inventory planning will always rely on timeless fundamentals, today's omnichannel retailing demands a steady influx of new ideas. No one has all the answers; however, sharing insights with others can greatly improve your knowledge and processes. You'll find "networking" well worth the effort. So don't hesitate to talk shop with your peers inside and outside the company, and to tap industry resources by participating in LinkedIn Groups or attending conferences such as Shop.org and NEMOA events.
Obviously, nothing is ever as easy as it sounds. However, if you successfully tackle these five objectives, I think you'll be quite pleased with the progress your inventory planning has made by the time your next post-mortem rolls around.
Joe is Vice President of Product Solutions at Software Paradigms International (SPI), an award-winning provider of technology solutions, including merchandise planning applications, mobile applications, eCommerce development and hosting and integration services, to retailers for more than 20 years.
Joe is a 34-year veteran of the retail industry with hands-on experience in marketing, merchandising, inventory management and business development at multichannel retail companies including Lands’ End, LifeSketch.com, Nordstrom.com and Duluth Trading Company. At SPI, Joe uses his experience to help customers and prospects understand how to improve sales and profits through applying industry best practices in merchandise planning and inventory management systems and processes.