How Inventory Accuracy Can Elevate Your Sales and Revenue
Herb Billings is the Vice President of Product Strategy at Datascan – and he’s got some hot takes.
In this episode of Herb’s Hot Takes, Billings leaned into his years of experience of studying the impact of inventory accuracy on retailers to deliver his first hot take, which may open listeners’ eyes to the very real impact of poor inventory accuracy on a business’s bottom line and beyond.
Shortages, missed replenishments and more can severely hinder growth. There is a silver lining–accurate counts reset inventory records, which can lift sales by as much as 14% over the remainder of an inventory period.
“An academic study was performed and released in October of 2019,” Billings said. “[It] studied seven retailers – four grocery chains and three apparel retailers – one million SKUs, and 100 stores. . . They did find that there is a significant impact on sales if you count more often. It’s actually increasing your inventory record accuracy that [brings] the benefit.”
Herb’s Hot Takes helps educated retailers on how to efficiently incorporate inventory accuracy, and how Datascan can help implement RFID technology solutions for small businesses and retailers.