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Business Challenge
Difficulty is measuring and managing inventory
The challenge you face
- The amount of stock on hand is difficult to measure.
- Stock counts are infrequent and manual in nature.
- Certain stock items are taking to long to sell.
- The business often runs out of stock leading to lost sales.
Implications of not addressing the challenge
- Business runs out of stock at the wrong time leading to lost sales.
- Customers that cannot make purchases due to lack of stock defect to competitors.
- Old stock has to be discounted or written off.
- The business carries too much stock resulting in increased stock carrying costs.
- Stock goes missing or unaccounted for.
What does success look like
- Balance is achieved in terms of stock coming in and going out.
- Inventory turnover increases.
- Stock holding costs decrease.
- Inventory obsolescence and write-off is minimized.
- Stock pilferage is minimized.
Algonomix solution
- The solution involves the use of AI (computer vision) methods to perform image-based stock counts. The reconciliation of actual versus expected stock is automated.
- Data on historical stock is used to predict future stock movements and optimise inventory levels, replenishment quantities, and times.
- Predictive analytics is used to highlight stock that may become obsolete and prescriptive analytics provides guidance on which stock items to discount and when.
- A mobile solution enables the business to have an up-to-date view of stock levels.