Study: Only 33% of retailers optimize their inventory with advanced analytics
Only 39% of retailers identified improved analytics as a top priority.
Most retailers (67%) are not leveraging advanced analytics to improve their planning decisions and optimize inventory, according to the 2018 Integrated Planning and Inventory Management Survey released by BRP Consulting, Boston, Mass., and only 39% of retailers identified improved analytics as a top priority.
“Analytics serve as an important tool in assisting retailers to find and interpret meaningful patterns in customer and inventory data to support decision-making,” says Robert Cuthbertson, vice president. “Insight into customer demand, product adjacencies, price sensitivity, reaction to promotions, demographics and more are key to drive merchandise plans and actions that maximize profitability. This is especially critical in an omni-channel environment, as understanding the preferences of disparate customer groups across different channels becomes more complicated.”