162 VIEWPOINT Technologies such as AI, machine learning and RFID are helping to address the complexities of retail stock control PARTH THAKKER: ZEBRA TECHNOLOGIES Optimising inventory management Inventory management remains a critical challenge in today’s fast-paced retail environment, significantly impacting store associates and customer satisfaction. According to Zebra’s Global Shopper Study, 80 per cent of store associates report that maintaining real-time visibility of out-of-stock items is a significant hurdle. Several factors contribute to the inventory management issues retailers experience. These include viral trends where products gain sudden popularity online and can quickly become out of stock; localised events like sports or weather changes can create spikes in demand for specific products; and seasonal and educational calendars that drive demand for particular items at certain times of the year, which require precise forecasting. Effective inventory management is the backbone of successful retail operations. Traditionally, inventory management relies on core transactional systems such as enterprise resource planning, replenishment and allocation systems. However, these can often fall short in adapting to dynamic market conditions and external factors like the examples outlined above. Relying on transaction data limits the amount of information available to these systems for forecasting and optimisation. The phrase ‘garbage in, garbage out’ aptly describes the limitations of these systems. Inaccurate or incomplete data can lead to poor inventory management. If internal and external demand drivers are not integrated into inventory management systems, retailers may find themselves unable to meet changing consumer behaviour and needs, leading to empty shelves and dissatisfied customers. Strategies for stock control and efficiency To tackle these challenges, retailers are increasingly turning to advanced technologies. At Zebra, our Workcloud portfolio offers a suite of solutions designed to enhance inventory visibility and management. Key components include inventory visibility with real-time data on stock levels, advanced tools for inventory planning, and artificial intelligence for predicting demand and translating it into precise inventory requirements. By augmenting existing planning systems with these advanced tools, retailers can avoid the need for complete system overhauls. This approach allows for quick implementation and improved return on investment from existing technologies. One example of Zebra Technologies’ solution in action is Walgreens, a US-based pharmacy and retail chain, that implemented the solution to combat the challenge of maintaining accurate, real-time inventory data. This helped to prevent stockouts, overstock situations, labour productivity issues and reduced efficiency in daily operations. Workcloud Actionable Intelligence – which integrates advanced technologies such as AI and “Zebra and Microsoft have joined forces to enhance customer experiences”
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