RELEX Introduces AI-powered Predictive Inventory Capabilities

New predictive inventory capabilities from RELEX Solutions combat challenges, helping retailers boost store operations’ productivity in inventory management and improve inventory accuracy for replenishment.

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New predictive inventory capabilities from RELEX Solutions combat challenges, helping retailers boost store operations’ productivity in inventory management and improve inventory accuracy for replenishment. This will result in improved store efficiency, reduced stockouts and enhanced customer satisfaction.

“Retailers encountering phantom inventory are challenged with ordering products either too soon or too late, causing storage issues, or worse, spoilage and lost sales,” says Stuart Douglas, product lead, Forecasting & Replenishment, RELEX. “With RELEX True Inventory, our new predictive inventory capabilities address this challenge head-on, while also addressing store-led ordering, to improve replenishment accuracy and store efficiency, while helping to improve sales margins.”

 Key Takeaways:

  • Leveraging artificial intelligence (AI) and machine learning (ML), RELEX True Inventory establishes a more precise view of inventory balance on hand, identifying inventory anomalies, providing store operatives with prioritized recommendations for the most value-adding inventory checks. RELEX True Inventory also builds and maintains perpetual inventory from transactional data. This enables the use of replenishment ordering technology even when balance data is unavailable, which is particularly beneficial for fresh products. Additionally, predictive inventory consolidates all inventory counting activities into one system, streamlining cycle count management.
  • Key benefits of RELEX True Inventory are:
    • Enhanced Inventory Accuracy: Automated corrections and precise inventory records lead to better ordering accuracy.
    • Improved Store Efficiency: Focused and actionable inventory checks reduce the time spent on inventory management.
    • Reduced Stockouts: Timely corrections prevent potential sales losses and enhance customer satisfaction.
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