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Informative Article | Engineering Science | India | Volume 8 Issue 9, September 2019 | Rating: 5.1 / 10
Inventory Analysis and Planogram Dashboard Development: Retail Industry Insights
Abstract: In the highly competitive retail industry, effective inventory management and planogram optimization are crucial for businesses to maximize profitability and customer satisfaction. This research paper explores the importance of inventory analysis and planogram optimization in the retail sector and presents the development of a comprehensive dashboard that provides valuable insights and supports data-driven decision-making. The study employs various data collection methods, including sales data, inventory records, and store layouts, to gather relevant information. Through the application of inventory analysis techniques such as ABC analysis, demand forecasting, and safety stock calculation, the research identifies slow-moving and fast-moving products, enabling retailers to optimize their inventory levels and reduce holding costs. Furthermore, the paper investigates planogram optimization algorithms, including space elasticity and product affinity analysis, to enhance space utilization and increase sales. The findings demonstrate that effective planogram management leads to improved product visibility, increased customer engagement, and ultimately, higher revenue. The developed dashboard incorporates key performance indicators and advanced data visualization techniques to provide real-time inventory monitoring and alert systems. The dashboard empowers retail managers to make informed decisions promptly, respond to market trends, and identify potential issues before they escalate. The implications of this research are significant for the retail industry. By leveraging the insights derived from inventory analysis and planogram optimization, retailers can streamline their operations, reduce waste, and improve overall profitability. The dashboard serves as a powerful tool for retail professionals to monitor and optimize their inventory and store layouts continuously. This research paper contributes to the growing body of knowledge in retail inventory management and planogram optimization. It highlights the importance of data-driven decision-making and provides a practical solution for retailers to enhance their operational efficiency and stay competitive in the ever-evolving retail landscape.
Keywords: Inventory analysis, planogram optimization, retail industry, data-driven decision-making, ABC analysis, demand forecasting, safety stock calculation, space elasticity, product affinity analysis, data visualization, dashboard development, key performance indicators, real-time monitoring, interactive visualizations, case studies, operational efficiency, customer satisfaction, competitive advantage, inventory management, store layout optimization, omnichannel inventory, dynamic pricing, assortment optimization, vendor-managed inventory, predictive maintenance, sustainability, personalized shopping experiences, franchise management
Edition: Volume 8 Issue 9, September 2019,
Pages: 1849 - 1858