23rd April 2022, Gurugram: Fountain9 has launched an AI-based demand sensing and inventory planning software to boost quick eCommerce operations. Kronoscope efficiently provides practical solutions to the retail industry, F&B industry, and D2C businesses in forecasting demand and optimizing the inventory to meet consumer demand in time. Fountain9 has provided food businesses with cost-effective and credible solutions to predict demand. Kronoscope aims Fountain9 to provide intelligent solutions to businesses to maintain a smart inventory, a step forward.

Fountain9 Reshaping the Future of Retail and eCommerce

Fountain9 is a credible brand offering innovative solutions to businesses to predict product demand correctly by considering the historical sales data and other factors. Businesses can avoid overstocking and understocking situations, thereby avoiding the burden of additional expenses and losses due to out-of-stock products.

Why is inventory planning crucial in the modern-day? The rapid growth of eCommerce and omnichannel supply chains and distribution centers has made it challenging for retail businesses to monitor their inventory operations. Retail commerce has become more advanced and has taken on the challenge of delivering items to consumers within 10-30 minutes with minimal or no delivery charge.

Such a requirement has made it mandatory for businesses to reimagine their supply chain operations by moving from a centralized warehouse to several fulfillment centers on the outskirts. Without proper monitoring, the supply chain has a high scope of getting disrupted due to out-of-stock products, whereas excess inventory would increase expenses and wastage. An organization with the right resources and management skills with real-time insights would win the competition.

Stock replenishment at the proper time is necessary for ensuring that the smooth supply of products to consumers is maintained. It is one of the significant steps for business growth. The flow of products from the supply racks to the picking racks can also be called stock replenishment. Proper demand forecasting can help to comprehend future demand and replenish stock effectively.

Retailers and eCommerce businesses need a demand forecasting software that monitors stock, places replenishment orders in time, looks after end-to-end production, and provides analytics, reports, and lead times. Inventory planning plays the right balance between supply and demand and maintains an optimum stock at the right place and at the right time. This is where Kronoscope by Fountain9 steps in and assists in maintaining the inventory at an optimum level.

The Rising Need for Inventory Planning
Businesses must have an overview of every individual SKU unit stored in their inventory, where it is stored, and how many units are there in each inventory. Businesses need to understand how to choose the right inventory planning software according to business needs that can track and take necessary actions, allowing organizations to stay updated and keep customers satisfied.

Artificial Intelligence (AI) has revolutionized the way the world of business operates and has brought many advanced technologies to overcome the challenges of warehousing and inventory management.

In the present day, inventory planning concerns much more than just storing and delivering products. Digital transformation has occurred, and there has been a change in consumer behavior that is hard to comprehend. Kronoscope, Fountain9's demand forecasting software, allows businesses to get real-time insights and communicate with in-store and online processing systems.

Companies using a manual process of noting inventory levels in spreadsheets cannot maintain it accurately. The solution? The success of companies depends on the inventory planning software they implement. Using AI and machine learning, businesses can provide future demand predictions correctly, considering the historical sales data, seasonal trends, cyclicity, promotional changes, pricing, holidays, or weather fluctuations for every dark store and each SKU unit.

Organizations can handle emergencies and make informed decisions from unstructured data organized into valuable insights. Additionally, AI can reduce manual labor, which is prone to errors. Kronoscope can predict pileup situations as well as estimate circumstances of stockout. The inventory planning software can make sense of vast amounts of waste supply chain data and generate an accurate demand prediction. Purchase plans can be automated with AI's complex algorithms, and the lead times, shelf life, fill rates, and safety stock levels can be estimated correctly. It depends on demand variability and service levels. Procurement operations are made convenient, enabling businesses to choose the best vendor.

Kronoscope also helps achieve the perfect promotional planning by considering the past promotional data and future events, detecting the impact of promotions on multiple related items, and establishing a connection between demand and the effect of promotions. Companies can maintain flexibility in safety levels for managing cash flows and working capital. The AI-based demand forecasting software aids in reducing the complexity of monitoring numerous inventories and identifying products for which the demand is likely to rise in the future.

Retail and eCommerce companies can take action quickly if they are informed about delayed deliveries and consumer trends beforehand. The AI-based inventory planning system by Fountain9, Kronoscope, allows businesses to do just that. The software can learn from past pattern records and generate actionable data so that out-of-stock instances can be avoided and the inventory can be replenished to an optimal level to meet demand efficiently.

Fountain9 is one of the best inventory planning software provider companies that assist food businesses and D2C brands to minimize waste and maximize profits while maintaining high availability and predicting future inventory requirements.