Budgeting for a business is a difficult task – and one contingent on proper inventory planning. Too much inventory – or just the wrong inventory – and you’ll find yourself drowning in worthless products, while not enough of the right inventory will hold down your company’s earning potential. But how do you know what to stock and how much, especially in changeable, trend-driven industries? Today, the answer is all about predictive analytics.
Brick and mortar businesses have struggled to keep up with online stores, in part because of the problem of inventory, but predictive analytics offers a solution – one these businesses have begun to embrace by hiring data scientists. With data scientists as part of the core buying and sales teams neighborhood businesses, department stores, and other brick and mortar, can keep up with the near unlimited inventory found in online shops. And complementing the work of data scientists, of course, is analytics software designed to bring new perspective to the work of purchasing.
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