Phantom Stock app set to save retailers
Invent Analytics’ new Phantom Stock App leverages AI technology to help businesses identify inventory mishaps caused by human error
Invent Analytics, an award-winning global retail planning solutions provider, has announced the latest addition to its suite of intelligent retail supply chain solutions: the Phantom Stock mobile app. While Invent Analytics has long provided phantom inventory detection as an add-on service, it is now offering the same data-driven insights to new and existing clients through the stand-alone app. The Phantom Stock app leverages the power of artificial intelligence (AI) to detect discrepancies between inventory data and physical inventory in stores, helping retailers reduce lost sales, boost customer satisfaction, and maximize profitability.
Gurhan Kok, Founder and CEO of Invent Analytics, stated:
“In retail, inventory accuracy is crucial. It impacts everything from forecasting and planning to sales and customer satisfaction. However, retailers often wind up with phantom stock, where inventory records don’t match what’s actually available on the store shelf. Wrong shelf placement, pricing discrepancies, product damage, data entry mistakes, or any other human error could cause this. Our Phantom Stock app helps retailers spot and solve these issues fast.”
The Phantom Stock app is an easy-to-implement, user-friendly solution that runs on any smartphone. Using AI and machine learning algorithms, the app analyzes a retailer’s available data to accurately predict and identify inventory inaccuracies. The app generates weekly alerts for individual store locations, listing suspected phantom inventory issues at the SKU level. The app also quantifies how much sales will increase by because of resolving the issues. Store managers can access the alerts at any time and quickly investigate each item on the list. Allowing them to prioritize instances with the biggest impact.
“The foundation of our company is built on helping large global retailers maximize profits,” said Kok. “We’ll continue to introduce innovative solutions designed to improve their bottom line behind the scenes—as well as create better shopping experiences that keep customers coming back time and time again.”