BY Planning & Promotion
Promotions can be a powerful way for retailers and manufacturers to increase sales and customer loyalty. They can also be expensive drains to the bottom line. The difference between success and failure often hinges on how effectively a company can plan and execute several complex, time-sensitive processes that span departments and even trading partners. The drawback for many companies is that their teams still rely on a combination of gut predictions, disparate systems and standalone spreadsheets to manage these concurrent processes. This approach limits visibility and information sharing among decision makers, which can ultimately lead to costly errors such as excess inventory in the supply chain or out-of-stocks.
To improve the return on your promotional investment, companies must coordinate and optimize everything from determining what promotions to run to ensuring the accuracy of their promotional lift projections. This requires managing and synchronizing both the base demand forecast and the promotional demand forecast to ensure that the right inventory levels are appropriately priced and readily available to meet customer demand. With so many key decisions at stake, leading companies are recognizing the need to invest in far more sophisticated pricing and promotion capabilities to drive a higher level of performance.
What’s needed is Blue Yonder’s prolific, market-driven capabilities that go beyond rule-based pricing and promotion and deliver analytical, continuously optimized prices at the finest levels of granularity: store, product, color and size. Using artificial intelligence (AI) and machine learning (ML), enterprises can achieve projected success, today.
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