Atlanta Business Chronicle’s “Meet the C-Suite,” where we feature a slew of the city’s high profile c-level executives. Today we introduce Jim Byrnes, CEO of Atlanta-based Blue Ridge.
Using its new system, the retailer has eliminated about 80% of the time it once took to create POs for its vendors. And armed with the system-generated data—plus more time to do their jobs versus just creating POs—the company’s analysts are taking a more proactive approach to inventory management.
What would you do with $1 trillion dollars? That’s 1 million times 1 million. It’s also how much money companies are losing due to out of stocks and overstocks according to research from IHL Group.
The old adage, and a good rule of thumb for retailers, is “the customer is always right.” In the days prior to online shopping, it was more of an attitude that good retailers instilled to make their customers welcome. The retailers, however, were still in charge.
Changing regulations, shifting customer demand patterns, and growing complexity in the supply chain were putting Ace Hardware International’s in-stock rates at risk. The company needed to increase its demand and supply planning precision across three distribution centers and more than 600 stores in 62 countries. Implementing new supply chain technology, Ace is now closing in on its goal of 40% fewer stockouts within the first year.