Stock management and how to avoid catastrophic losses to your company

Retail has always been accompanied by the difficulty for companies to manage stock efficiently. In order to do this, optimal sales control and forecasting is necessary, but… How can we rely on the latest advances in technology to do this?

How do I solve my stock management problem?

Stock management has become a complicated task for companies. The rise of omni-channel distribution and sales has meant that a greater involvement is required to keep all these channels up to date and coordinated in real time. For this reason, many companies are opting to apply new technological solutions that improve these processes, reduce costs and ensure an optimal management.

One of the most recurrent solutions to tackle these problems is to implement Warehouse Management Software (WMS). The problem with this type of tool is that, despite its efficiency in the warehouse, it is not a total solution to the problem as it helps to know your stock in real time but does not go beyond that. Not knowing how your stock can evolve or not coordinating this valuable information with other teams such as marketing, sales or finance, are some of the handicaps they present.

If what we are looking for is a more efficient management, which allows us to plan in time to avoid problems such as stock breakages, the solution is to coordinate different tools that give us a broader view of our environment, unify the data from all departments of our company and can provide added value. And one of them, without a doubt, should be the inclusion of an Intelligent CDP.

What solutions can I apply with an Intelligent CDP?

An Intelligent CDP, or Intelligent Customer Data Platform, is a software that will allow your company to unify all the available data of your company, so that all your departments can work in coordination. However, the fundamental value of an Intelligent CDP, as its name suggests, is the application of Artificial Intelligence, to process these data in the most efficient way possible, finding details imperceptible to the human eye, and saving huge amounts of time for employees.

• Unify data: a Smart CDP will allow you to unify data from your WMS, sales, marketing campaigns, and any data you can imagine, and to which your company has access; to later be able to access this platform and get answers about your customers or any movement done by your company.
• Control in real time: access to all the information in a single platform will allow you to see in real time how each movement that the company carries out affects your stock. Thus, for example, the marketing department will be able to observe not only an increase in sales, but in real time they will be able to see the effect of each campaign or action carried out on the warehouse, and vice versa, thus being able to anticipate problems with the lack or excess of stock.
• Predict sales: as we have seen above, the Intelligent CDP is not only a CDP, but applies Artificial Intelligence to take your business to the next level. In this way, an Intelligent CDP allows you to predict sales in real time, and therefore, you will be able to anticipate any stock management problem, with an accuracy that could reach heights of over 95%, depending on the amount of data provided. And not only that, you will also be able to: establish relationships about peak and off-peak sales periods, and of which products. Which specific customers are buying each product, in what quantity and when or at what times the company is most likely to run out of stock, etc. All this is now possible with FLYDE.

WHY FLYDE?

Do you want your company to move on to the next level? A CDP is the key tool that will allow you to maximise the potential of your data and grow your business. Working like the big multinationals in the market, which already have this type of software, and having control over all your data is now very simple.

Moreover, if you do not have IT or Data Scientist teams, this tool will allow you to outsource this function. And if you have them but want to reduce their workload and give more autonomy to your marketing and business teams when it comes to working with data, implementing an easy-to-use CDP would be the best option for your company. It will allow any single member of your company to use it, as this softwares are prepared for them.