Because the consumer’s tastes change day by day, in order to satisfy their needs, you need to update your inventory and stock. Therefore, your production changes. Why not make it smart and agile? Nowadays, there are ways that help retailers gain information about every SKU (Single Key Unit) they have, about their needs in the stores and more important about what products perform and what products can be improved.
Internet of Things (IoT) already offers solutions for optimized inventory and it took the insights to the next level. By having real-time information about what happens in the stores, you can focus on deeper analysis, better products and relevant predictions.
Agile companies have in-store tools to help them collect data from their shops. The shelves, their coolers are created in a way that allows them take smart decisions in a second. Not only these tools provide the needed information about their products, but cameras or sensors, for example, fixed in the shelves gives permission to see who exactly the customer is and what are the products they are interested in. With IoT, you can track your stocks in real time, this bringing a huge impact on maximizing your profit.
Some stores already have these smart devices and help them increase their sales. For example, using cameras and comparing real time photos can show the stock on the shelves and following the plan, the store will never run out of a product. And what is more important, having such accurate data will allow the representatives from the store recommend the customer the exact product he needs.
The constant stream of data from IoT devices back to retailers and consumer goods companies makes it possible to uncover new operational insights. Inventory optimization solutions can take the vast amounts of data received and analyze it to produce actionable information, with SKU-by-SKU and store-by-store breakdowns. These detailed insights enable organizations to plan better, automate tasks, and be smarter about their use of employee time.
Having such detailed data about what happens in stores with the products and the people, companies are becoming smarter, automating some tasks and using their employee time for other real needs.
Using IoT enables retailers to run more than one full inventory a year, currently this being a common practice amongst them. IoT can change this thing and help them have weekly or even daily inventories.
When it comes to running out of stock, IoT will be a big help, indicating suppliers which stores to visit frequently and to plan their routes in a smart way.
If you have any more questions or if you are ready for your company to become agile, we are here to help you with the best resources we have.