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How can BI tools help you manage your inventory more effectively?

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Inventory management is a crucial aspect of running a successful business. You need to know how much stock you have, where it is, how fast it moves, and what your customers want. But keeping track of all this information can be challenging, especially if you rely on manual methods or outdated systems. That's where business intelligence (BI) tools can help you. BI tools are software applications that collect, analyze, and visualize data from various sources, such as sales, inventory, customer feedback, and market trends. They can help you gain insights into your inventory performance, optimize your inventory levels, and improve your decision making. In this article, we will explore how BI tools can help you manage your inventory more effectively in four ways.

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Pawan Kumar

Sr. Manager, Warehousing at TM International Logistics Ltd

1 Reduce overstocking and understocking

One of the main benefits of BI tools is that they can help you avoid overstocking and understocking your inventory. Overstocking means having too much inventory that takes up space, ties up capital, and risks becoming obsolete or expired. Understocking means having too little inventory that leads to stockouts, lost sales, and unhappy customers. BI tools can help you balance your inventory by using data-driven forecasting models that consider factors such as demand patterns, seasonality, lead times, and promotions. They can also help you set optimal reorder points and quantities that minimize your inventory costs and maximize your service levels.

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Pawan Kumar

Sr. Manager, Warehousing at TM International Logistics Ltd
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One of the main benefits of BI tools is that they can help you avoid overstocking and understocking your inventory. Overstocking means having too much inventory that takes up space, ties up capital, and risks becoming obsolete or expired. Understocking means having too little inventory that leads to stockouts, lost sales, and unhappy customers. BI tools can help you balance your inventory by using data-driven forecasting models that consider factors such as demand patterns, seasonality, lead times, and promotions. They can also help you set optimal reorder points and quantities that minimize your inventory costs and maximize your service levels.

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Rafael Santos

?? Vagas remotas no meu site! Sou CEO da Brazink, Diretor de TI, Executivo de TI, Gerente de TI e Desenvolvimento de Sistemas, Analista de Sistemas, Desenvolvedor, Engenheiro/Cientista/Analista de Dados, DBA e Adm Linux.
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Embora o excesso de estoque seja um cenário indesejável, a escassez de produtos é igualmente indesejável, pois o estoque fora de estoque é problemático tanto para a empresa quanto para o cliente.?Encontrar o equilíbrio torna-se ent?o fundamental para o sucesso de um negócio.?Num estudo recente realizado pelo Aberdeen Group, as empresas Best-in-Class conseguiram “dimensionar corretamente” o seu inventário avaliando os produtos, até ao nível do SKU (Unidade de Manuten??o de Estoque).?Os sistemas de gerenciamento de estoque s?o uma ótima maneira de visualizar informa??es do produto, incluindo informa??es detalhadas sobre cada SKU.

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2 Improve inventory accuracy and visibility

Another benefit of BI tools is that they can help you improve your inventory accuracy and visibility. Inventory accuracy means having reliable and consistent data about your inventory levels, locations, and movements. Inventory visibility means having access to real-time and relevant information about your inventory status and performance. BI tools can help you achieve both by integrating data from multiple sources, such as barcode scanners, RFID tags, ERP systems, and POS systems. They can also help you automate data entry, validation, and reconciliation processes that reduce errors and discrepancies. By using BI tools, you can have a single source of truth for your inventory data that enhances your operational efficiency and customer satisfaction.

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Rafael Santos

?? Vagas remotas no meu site! Sou CEO da Brazink, Diretor de TI, Executivo de TI, Gerente de TI e Desenvolvimento de Sistemas, Analista de Sistemas, Desenvolvedor, Engenheiro/Cientista/Analista de Dados, DBA e Adm Linux.
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Um sistema de software de gerenciamento de estoque é capaz de se integrar a outros sistemas de gerenciamento empresarial, como software de contabilidade, plataformas de loja virtual, EDI, entre outros. Com a integra??o do sistema de software de gerenciamento de estoque, os níveis de estoque podem ser vistos a partir de uma vis?o panoramica de todos os canais (lojas físicas, lojas on-line, pedidos por telefone, etc.) e locais. Ent?o, o estoque pode ser examinado com precis?o por localiza??o, armazém, produto, etc. Isso dá às empresas melhores insights e informa??es para tomar decis?es de compras, vendas e estoque.

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3 Identify inventory trends and opportunities

A third benefit of BI tools is that they can help you identify inventory trends and opportunities. Inventory trends are patterns or changes in your inventory performance over time, such as turnover rates, fill rates, shrinkage rates, and profitability. Inventory opportunities are areas or actions that can improve your inventory performance, such as product bundling, cross-selling, upselling, and markdowns. BI tools can help you discover both by using advanced analytics techniques, such as descriptive, predictive, and prescriptive analytics. They can also help you visualize your inventory data using dashboards, charts, graphs, and reports that make it easy to understand and communicate your findings.

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Rafael Santos

?? Vagas remotas no meu site! Sou CEO da Brazink, Diretor de TI, Executivo de TI, Gerente de TI e Desenvolvimento de Sistemas, Analista de Sistemas, Desenvolvedor, Engenheiro/Cientista/Analista de Dados, DBA e Adm Linux.
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Acompanhar as vendas pode parecer óbvio. No entanto, um acompanhamento eficaz das vendas vai além de somar dinheiro no final do dia. Você deve entender, diariamente, quais itens você vendeu e quantos vendeu, e atualizar seus totais de estoque. Você também deve analisar seus dados de vendas. Por exemplo: Você sabe quando itens específicos vendem mais rápido ou caem? Itens específicos s?o vendidos de acordo com as esta??es? Existe um dia específico da semana em que você vende determinados itens? Alguns itens quase sempre s?o vendidos juntos? Compreender o panorama mais amplo de como os itens s?o vendidos é essencial para controlar seu estoque.

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4 Enhance inventory collaboration and communication

A fourth benefit of BI tools is that they can help you enhance your inventory collaboration and communication. Inventory collaboration means working with other stakeholders, such as suppliers, distributors, and customers, to coordinate and optimize your inventory processes. Inventory communication means sharing and exchanging information, feedback, and ideas with your inventory team and other departments, such as sales, marketing, and finance. BI tools can help you facilitate both by using cloud-based platforms that allow you to access, update, and share your inventory data anytime and anywhere. They can also help you create and distribute alerts, notifications, and recommendations that keep everyone informed and aligned on your inventory goals and actions.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Vincent Lacomme

Expert-comptable ? Intelligence artificielle & data ? Dipl?mé de commissariat aux comptes ? Conseil ? Gestion ?? ?? Microsoft Certified - Data analyst (DA-100)
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BI is a great tool for data analytics of the inventory. It's one way to identify frauds, losses or inconsistencies (abnormal quantities...). With the right visuals and charts, outliers can be identified.

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How can BI tools help you manage your inventory more effectively?

1

2

3

4

5

1 Reduce overstocking and understocking

2 Improve inventory accuracy and visibility

3 Identify inventory trends and opportunities

4 Enhance inventory collaboration and communication

5 Here’s what else to consider

Information Systems

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How can BI tools help you manage your inventory more effectively?

1

2

3

4

5

1 Reduce overstocking and understocking

2 Improve inventory accuracy and visibility

3 Identify inventory trends and opportunities

4 Enhance inventory collaboration and communication

5 Here’s what else to consider

Information Systems

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感谢您的反馈

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