Datascan is privileged to have served the retail industry for 50 years with their store inventory counting needs. We are looking forward to continuing the amazing journey with our most valued and dedicated retail partners. As we celebrate our first 50 years, I would like to take a moment to reflect on our previous five…
How Do Inaccurate Inventory Records Erode Operational Efficiency? By Herb Billings July 14, 2020 Retailers – do your omnichannel strategies suffer from inaccurate inventory records? Of course they do, and the increasing importance of BOPIS, click & collect, curbside pickup, “retail-to-go” and ship-from-store make inventory record accuracy an important cornerstone for omnichannel success. Inaccurate inventory…
Retail-to-Go Requires Accurate Inventory By Herb Billings May 1, 2020 “Retail-to-go” is a new buzzword – it’s essentially the curbside pickup of items your customers purchase online. Like every other online purchase, retail-to-go requires a high level of inventory accuracy for smooth execution. And as you’re well aware by now, COVID-19 has forced retailers to rely on…
What is Inventory Accuracy? By Herb Billings May 7, 2020 Just what does inventory accuracy mean in a retail environment? How is it calculated? Why is it important? These are a few of the questions I will answer in upcoming articles. Together we will dig deeper into the gory details in the coming weeks. Inventory…
Inventory Accuracy % Is Not Enough By Herb Billings May 13, 2020 Inventory accuracy percentages can be misleading! We already know that inventory accuracy is a very important metric for retailers, measuring how closely system records reflect the actual units found in stores. But did you also know that a straight inventory accuracy percentage stating that inventory…
Another Inventory Accuracy Formula By Herb Billings May 26, 2020 In a previous article we discussed how Datascan’s preferred inventory accuracy percentage calculation relies on the absolute unit difference to describe how far the inventory records are from reality. The ECR Community and the RFID industry prefer a formula based on SKU integrity, which treats all inventory unit adjustments with…
Does Inventory Record Accuracy Differ by Market Segment? By Herb Billings June 3, 2020 Does inventory record accuracy differ by Market Segment? You bet it does! Many factors are responsible for differences in inventory record accuracy between market segments. Higher value items are more attractive theft targets, but also justify higher investment in anti-theft controls. Items with high…
Do Inaccurate Inventory Records Really Impact Sales? By Herb Billings June 11, 2020 For retailers, counting stock is a chore and requires a sizable investment in labor. Aside from annual audit requirements, is stock counting really necessary? Are accurate inventory records really that important? Inaccurate inventory records are a measurable and significant drain on revenue. Since 2018…
How Do Inaccurate Inventory Records Cause Lost Sales? By Herb Billings June 17, 2020 We now know that counting more often lifts sales by up to 14% (see “Do Inaccurate Inventory Records Really Impact Sales?”). Exactly how does this work? By increasing product availability and customer satisfaction. Inaccurate inventory records cause lost sales through missed opportunities and…
