It’s easy to chuckle at the expense of the person who has three different calendars, four daily alarms, and who knows exactly what they’ll be doing in seven months. In the end, they may be the ones laughing at us. Planning is a skill that not a lot of people have but its benefits are tenfold. The same holds true for business. Being able to look ahead and craft predictive, strategic plans takes a team that is just getting by and turns it into a thriving business with a bright future. Retail distributors in particular know this tough game of forecasting. Their job revolves around making sure their stock is perfectly set so they’re ready for whatever call they get from their own retail customers. Retail distributors may wish they had a crystal ball to help set their stock, but they do with Recurrency (though, rest assured, it relies on tested artificial intelligence (AI) rather than spotty magic).
What Is Recurrency?
When the Recurrency team looked at legacy enterprise resource planners (ERP), we came to one conclusion: the archaic software doesn’t proactively help you run your business. We sought to change that. Recurrency is an automated platform for your ERP that makes your data work for you. Features like Dynamic Pricing and Upsells couple your data, powered by machine learning algorithms to offer profitable business suggestions. The main difference between Recurrency and large ERP companies is that we care about your bottom line and we’ll build feature after feature to improve it.
A Purchaser’s Nightmare
If you’re looking for someone who is constantly worried about the future, look no further than a distributor’s purchasing team. These hard workers are in charge of making sure their distribution site has a steady inventory. Overstocks and stockouts are what keep dedicated purchasers up at night. Unfortunately, many ERPs make these stressful situations inevitable. Clunky inventory Excel sheets, shallow data analytics, and slow work days due to a slow ERP all contribute to overstocks and stockouts. Recurrency’s Demand Forecasting feature was made with purchasers in mind.
Let Us Focus on the Future
The future is complicated but the right AI can simplify it. Recurrency is a data-driven platform that ingests thousands of relevant data sets so you can trust its recommendations. The Demand Forecasting feature studies your inventory turnover, selling history, minimum order quantities, order patterns, and many other pertinent factors at play so it can predict when it’s time to restock your inventory. Let’s look at the numbers. Recurrency partnered with the nation’s largest retail network to reduce stockouts and the results were staggering; download the report here. Before Recurrency, the company had a 25-40% stockout rate but after implementing Recurrency (which takes less than 48 hours) we were able to cut that number to 10-15%. Demand Forecasting is a transformative feature.
Demand Forecasting Is Time Sensitive
The supply chain crisis has made Demand Forecasting a necessity, not a luxury. Retail distributors are being pushed to think even farther ahead without a real sense of clarity to protect against extended shipping times. This isn’t a problem for Recurrency as it was developed to study up-to-date industry trends so that its recommendations are timely. Recurrency knows good timing: it may have been impossible to plan for a global pandemic but Recurrency has been planning for a way around it.
Do your purchasers a favor and book a demo today. We’re already planning to hear from you.