4 Ways to Reduce Inventory Replenishment Time to Increase Sales and Profits
Over the last 30 years, there's been a consistent push to streamline business processes. After all, time is money. Nowhere is this more applicable than in supply chain processes. As retailers get more information about a sales event, the accuracy of demand forecasting improves dramatically. The more time retailers can remove from the buying/replenishment cycles, the more accurate the inventory purchase will be. With an accurate inventory purchase, retailers see increased sales through higher order fulfillment, increased gross margin through fewer markdowns and increased cash flow through better scheduling of inventory.
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.