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Andrea Morgan-Vandome

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Top 3 Takeaways from Coresight Supply Chain Council on Inventory Optimization

Earlier this week I had the pleasure of attending the Supply Chain Council: Inventory Optimization event hosted by Coresight Research in New York City. I was joined by a combination of retailers, consultants, and other retail industry professionals to discuss the pressing problems in retail around optimizing inventory.

Retailers make hundreds of thousands of inventory decisions everyday around what to buy, where to place, and where to fulfill merchandise from− and these decisions are becoming much more difficult to get right as consumer expectations change. As such, retailers are urged to rethink how they make inventory decisions today — prompting the main topic of this event. 

Here are three of the biggest takeaways that really resonated with me based on the discussion:

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Topics: retail technology, artificial intelligence, inventory optimization, brick-and-mortar retail, machine learning, advanced analytics, innovation

4 Key Takeaways from Celect & BRP Retail Executive Event

Consumers continue to change the way they shop (buy anywhere, receive anywhere, and return anywhere), which has had a profound impact on how inventory decisions are made. Get it right, you sell more. Get it wrong, you lose sales. 

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Topics: retail technology, artificial intelligence, inventory optimization, brick-and-mortar retail, machine learning, advanced analytics, innovation

Get the Most Out of Your Existing Solutions

The importance of solving the retail inventory challenges around out-of-stocks and excessive markdowns is compounded by the recent announcement of Amazon’s plan to sweeten delivery perks for Prime members with 1-day free shipping. Retailers need to take advantage of the store portfolio in order to compete, but in doing so they also need to make sure they’re optimizing the use of their inventory. This means making smarter inventory decisions around buying, placement of inventory and where to fulfill online orders from. The good news? With the advanced technology available today, this challenge isn’t as daunting as you might think.

The problem is retailers have invested millions of dollars in their existing systems to run their businesses. Many of these, quite frankly, are really old. In some cases, even if the systems are relatively new, they likely don’t have the sophistication artificial intelligence (AI) or advanced analytics solutions offer to enhance existing processes.

This creates the dilemma of whether to rip and replace systems to take advantage of new AI solutions, or to augment existing systems with leading capabilities like AI. At Celect, we’ve found that augmenting your existing solutions with AI holds three distinct advantages:

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Topics: retail technology, artificial intelligence, inventory optimization, brick-and-mortar retail, machine learning, advanced analytics, innovation

Celect Recognized as Innovative Tech Start-Up in The Leading 100

I’m thrilled to share the news of Celect’s recognition in The Leading 100, an annual list that recognizes break-out technology start-ups driving innovation in the fashion and retail industry.

This list is curated by The Lead, a research firm that bridges the fashion and retail industry with the global Silicon Valley to empower the industry’s transition to digital centricity. They’re focus is at the crux of where fashion, retail and technology markets converge – where innovation is shifting behavior and constantly creating new business opportunities.

In an industry undergoing an unprecedented transformation where in-store revenues and foot traffic are in decline, bottom line improvements require a clear understanding and ability to adapt to customers’ ever-changing needs in advance, across multiple channels. That’s exactly where Celect comes in.   

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Topics: retail technology, artificial intelligence, inventory optimization, brick-and-mortar retail, machine learning, advanced analytics, start-up, innovation

Celect in the News: Inventory Mgmt 2.0

In an Amazon Prime world, omni-channel retailers are challenged to manage multiple sources of demand when customers expect everything in stock all the time, whether they are in the store at 1 p.m. or online at 1 a.m. To beat the real-time “last mile” supply chain challenge, retailers must be able to compete with Amazon by leveraging their stores and distribution centers as one unified distribution center to achieve massive margin gains. 

In the latest issue of Inside Outdoor Magazine, John Andrews, CEO of Celect, shared how retailers have a huge opportunity to derive more revenue from their inventory decisions and beat Amazon at its own supply chain game.

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Topics: amazon, amazon prime, artificial intelligence, inventory optimization, brick-and-mortar retail, physical stores, machine learning, fulfillment optimization, advanced analytics

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