SUPPLY CHAIN
“ People and strong partnerships will always be the key to strong inventory management ”
JOELLE DOVE DIRECTOR OF BUSINESS DEVELOPMENT , DAYMON WORLDWIDE
ability of a retailer to accurately report that inventory will dictate the trust consumers have with that retailer .”
Duarte agrees , saying the key is whether retailers are ready to invest in leadingedge inventory capabilities . “ This is the big question right now . Companies have a unique opportunity to transform inventory planning with a customer-back approach .”
But it ’ s not just the e-commerce boom that has shaken things up - the forces that once drove band loyalty are no longer the same .
In the past , branded goods - also known as ‘ private brands ’ - are what made a retailer unique , and traditionally , they were what drove brand loyalty . Now , though , loyalty is being driven by another factor : availability .
So how do businesses factor this kind of thing into inventory management ? Miguel Duarte , a consumer health leader with EY , feels retailers are only just beginning to recognise the role inventory can play in generating competitive advantages .
“ Retailers have always used the past as the best explanation of the future ,” says Duarte . “ They project demand and supply based on existing , limited and aggregated data .”
But he says in future , retailers will have to predict buying patterns based on data that will include behavioral factors .
48 February 2022