Prevent product stockouts and wasteful inventory spends
Businesses work with inventory information. While customer data is important in building profiles and deeper customer engagement, Inventory data provides insights for understanding sales trends, stock-outs, repurchase decisions, reducing storage costs and building efficiencies.
Global sourcing has added to the complexities of inventory data. Part numbers are sometimes similar across categories and across vendors. For describing measurements, imperial and metric are alternately used. Measuring standards vary across geographies. abbreviations, descriptions have local flavor. Further, all these descriptions do not find their way into the ERP system. Partial information given in descriptive mode and differently worded for various items – largely constitute the inventory master.
In spite of these deficiencies in the data – companies manage because of the deep expertise and long years that purchase personnel spend in a company – much of the reliance comes from their knowledge. While this expert team is clear on what they need to buy and have the product knowledge – they lack knowledge on what they have in stock and where all do they have it.
Searching for any item in this chaotic product database while yielding results falls short on the exact balance of items available – resulting in wasteful re-orders! Inventory data is not all about the back-end. Today, retailing has a clear case for common item masters. With the spread of offline chains and online e-commerce, creating a common inventory language is essential.
All of the above arguments combined with the clear need to control inventory spends and provide proper business support makes a winning case for structured inventory data. You may have an ERP system in place – or are planning to migrate to one or are just operating out of excel sheets.
Skematix supports the following types of data:
- MRO data
- Retail Chains and e-Commerce data
- Consumer product data
Skematix's process includes:
- Legacy data – cleansing
- Enriching with third party catalogues
- Spend classifying data as per UNSPSC or other standreds
- Identifying gaps and preparing roadmap for enrichment
- Ongoing management and data governance
Skematix 2.0 is available in the following modes:
- SaaS mode
- Batch SFTP
- Cloud (for ongoing management)