ATLANTA, June 13, 2017 /PRNewswire/ -- Data Profits updates their Demand Forecasting & Inventory Replenishment Software to offer additional tools to aid Retailers, Wholesalers, and Distributors with IoT Success and Survival. An April 22, 2017 CNN Money article states that it's possible more than 8,600 brick-and-mortar stores will close their doors in 2017 (exceeds previous record set in 2008 of 6163 stores). This highlights the need for retailers to become adaptive or die. Retailers, wholesalers, and distributors must change inventory replenishment methodologies and software to adapt to quicker customer demand requirements. The IoT has changed the way people shop as well as customer expectations. "If a business does not adapt their replenishment to faster reaction times, they risk losing their customer, and ultimately their business," said Stuart Dunkin, CEO Data Profits.
"It is not the strongest of the species that survives, not the most intelligent that survives. It is the one that is the most adaptable to change." – Charles Darwin
Using 'Best Fit' Models to Demand Forecast the IoT Impact
Data Profits 'iKIS™ Demand Forecasting Solution uses 14 forecast algorithms. The right forecast algorithm is selected using 'best fit' decision math. The Demand Forecasting engine will try different forecasting algorithms testing past results accuracy to forecast future results. The best-fit decision math gets the right product, to the right location in time to meet the IoT threat. Most forecast systems today are using sales forecasting methods tied to two or fewer forecast algorithms.
Data Profits' Demand Forecasting Difference for IoT
A critical part of the IoT impact is getting the message you need to adapt the product, price or place. Inventory Replenishment software needs user configured alerts and exception management tools that each business can tune to their business. That's the reason customers love Data Profits' exception management module. Every business is different and needs their own business rules. The simple A sku, B sku, C sku exception matrix alert system in most legacy software tools creates to many junk messages.
Resist the Urge to Resist Change
With the increased demand requirements driven by IoT, companies are going to have to change to survive. "By changing nothing, nothing changes." -Tony Robbins
Please Contact Us if you need help solving IOT Inventory Problems.
About Data Profits (www.data-profits.com)
Data Profits provides mid-market retailers, distributors and grocers with meaningful insights into inventory management, helping them identify opportunities to improve their demand forecasting and increase profits. After spending more than two decades working with top-tier retailers and software suppliers, Stuart Dunkin founded Data Profits in 2007 with the goal of facilitating the relationship between demand forecasting data, business goals and people. Developed from the ground up as a flexible SaaS solution, iKIS™ by Data Profits delivers a set of critical abilities including demand forecasting, inventory replenishment, collaboration with deep demand forecasting visibility, and proactive management alerts. Using iKIS™, teams can work within one business network to see immediate results on demand forecasting activities. Data Profits' real-world experiences demonstrate solid thought leadership with a 30-day install that returns significant ROI for customers in 90 days, driving actions to "Tighten the Links in Your Chain™."
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SOURCE Data Profits