NEW YORK, Aug. 16, 2023 /PRNewswire/ — Quantzig, a leading global analytics and advisory firm, collaborated with a renowned retail company in US to address their inventory challenges, enhance operational efficiency, and optimize their supply chain to meet the dynamic demands of the modern retail landscape.
The company grappled with balancing inventory levels across multiple locations, leading to excess stocks in some regions, and stockouts in others, resulting in missed sales opportunities, and increased carrying costs. Besides, their manual inventory management processes hindered their ability to gain real-time insights into inventory levels, making it challenging to make data-driven decisions promptly.
Quantzig’s team of AI experts and retail analysts collaborated closely with the client to deliver innovative solutions to overcome their inventory management challenges. At first, we implemented advanced AI algorithms to analyze historical sales data, market trends, and external factors to forecast demand accurately. The ai in inventory management helped them make informed decisions on inventory replenishment. By leveraging AI inventory management software, we developed a real-time inventory tracking system that provided the client with instant visibility into inventory levels at various locations. Besides, our team deployed state-of-the-art AI-based inventory management system algorithm to strike a perfect balance between stock levels and demand forecasts.
The above solutions resulted in:
30% reduction in excess inventory40% improvement in operational efficiency70% accuracy in demand forecasting
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About Quantzig:
Quantzig is a global analytics and business intelligence solution provider. It turns clients’ complex, unstructured data into intelligent, actionable insights that enable them to solve complex business problems and inspire innovation, change, and growth.
Over the past 17 years, our insights have helped over 120 clients, including 55 Fortune 500 companies, spanning industries and sectors like Pharmaceutical and Life Sciences, Retail and CPG, Food and Beverage, and more. We have successfully delivered 1500 in-depth solutions in areas like Supply Chain Analytics, Marketing Analytics, Customer Analytics, and more.
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SOURCE Quantzig