In response to the global health crisis, Oracle has announced the launch of the new Oracle Retail Inventory Optimization Cloud Service. This offering, powered by machine learning, can sit between a retailer’s forecasting and supply chain systems to help highlight the best actions they can take to optimize inventory.
“Retailers are struggling to adjust decades of well-defined inventory and traditional supply chain management processes that have been thrown a curveball by COVID-19,” said Jeff Warren, vice president of strategy and solution management at Oracle Retail. “With the ability to be deployed in just weeks, Oracle Retail Inventory Optimization Cloud Service does the heavy lifting and modeling to rebalance and optimize inventory so retailers can invest in the right products and automatically adapt to new consumer patterns as they occur.”
Oracle Retail Inventory Optimization Cloud Service comes with pre-built machine learning models that accurately predict overall inventory levels, recommend inventory re-distribution, balance supply and demand to free up money tied up in excess inventory. The cloud service integrates with existing forecasting and supply chain solutions and can be deployed to reduce the burden on a retailer’s IT and development teams.
The autonomous solution functions by:
Performing continuous optimization of replenishment parameters
Informing replenishment strategies with service-to-inventory trade-offs
Translating objectives into machine learning-driven replenishment policies down to the item-location
Recommending inventory re-distribution to serve customers
Enriching the inventory movement processes with time-phased inventory projections
Interacting with Oracle Retail Offer Optimization
About Oracle Retail
Oracle is the modern platform for retail. Oracle provides retailers with a complete, open, and integrated platform for best-of-breed business applications, cloud services, and hardware that are engineered to work together. Leading fashion, grocery, and specialty retailers use Oracle solutions to accelerate from best practice to next practice, drive operational agility, and refine the customer experience.
