Yes, another blog post that begins by acknowledging the terrifying landscape of advanced analytic technologies on offer to businesses trying to make strategic choices, invest in key tools to gain new insight, cut costs, drive growth, remain competitive, improve the bottom line… Here’s the thing – you can read and research until the cows come home. The fact is, you need to take the first step, try something new, break out of the ‘how do I know where to start?’ or ‘my way is best’ mindset, and just get cracking.
Here’s a great article from Supply Chain Brief by Supply Chain Insights founder Lora Cecere that quantifies the difference advanced inventory planning tools* are making to successful companies. Supply Chain Insights’ research conducted in 2015 compared ‘company maturity on meeting inventory targets to choices on inventory technologies’. Those businesses using advanced demand planning tools – ‘advanced’ meaning tools specifically designed for this purpose, and not spreadsheets or bolt-on solutions to existing ERPs – were almost twice as satisfied with the advanced software than those using basic programs, and were seeing 63% ROI (over a time period that allowed for complete implementation and intelligent analysis). The research also illustrated that adhering to recommendations made by inventory planning software was key to improving margins and driving business growth.
While you’re there, check out Supply Chain Insights’ 2016 Supply Chains to Admire for more inspiration to take the first step. An advanced planning and inventory optimization solution like SkuBrain will have you creating demand forecasts and stock replenishment plans in a matter of minutes. The time is now.