Value of Inventory Data
data and insights
Companies can be neglectful of inventory matters and poor about gathering and maintaining data. But since most of a company’s value add passes through inventory, it is a great place to make improvements. This can help topline growth and, by avoiding losses and writedowns, can help the bottom line, too.
Capturing value from inventory data
Companies may need to begin by reviewing and perhaps improving item tracking. For instance, a minority of organisations can track every single item, which means a lot of potential losses can occur. Mastering the processes of inventory and then developing good data handling and analytics can transform the very nature of inventory for your organisation.
Benefits of inventory data
As noted, inventory processes are often not optimised. Correcting these weaknesses, if present, and then capturing and analysing inventory data can be broadly transformational.
Questions you should be able to answer today
Data informs decisions so you are able to answer business-critical questions that drive sales, customer satisfaction and loyalty. These are just a handful of many questions that you should be able to answer today.
- What are our inventory processes, and are they adequate and able to produce accurate and timely counts?
- What are the upstream and downstream activities that help or hinder the quality and timeliness of data collection?
- How can better inventory data be used to improve organisational performance?
- How can better data drive decision-making, for example, regarding write-offs or retailing?
- What factors can enhance inventory data, such as implementing barcoding or RFID across the supply chain?
- How do you improve other elements of the organisation but applying inventory data?
Do you have questions that need answering?
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The world of inventory data
Inventory data is foundational and can help drive performance in the near term while also providing important strategic insights. The data gathered can empower change and give many functions the power to become more relevant. This is where we help by providing the Xfuze platform and our team of data scientists to help decision-makers answer business questions.
We help companies like yours
Xiatech’s Xfuze Platform provides a single view of customer data and advanced AI-driven analytics so you are able to understand and predict the behaviour of your customers. Loaded with pre-built dashboards and interactive reports, you have a real-time stream of actionable insight that will transform your business by truly knowing your customers like never before.
Remove the need to rekey data into multiple systems
Introduce efficiencies not only into your data consolidation processes but also to help you identify efficiencies in your day-to-day business processes.
Enhanced system integration
Integrate core operational systems to democratise data held across your business in real-time.