Attacking Supply Chain with Your IQ
In episode 47 of the “Inside Dynamics Communities Podcast,” Ryan Gonzales, Senior Sales Director of Dynamics Communities and Summit NA, and Pam Misialek, Community Director of Dynamics Communities and Summit NA, are joined by Jeffrey Porter, Chief Marketing Officer, StockIQ Technologies, and Judy Van Der Linden, Partner Account Manager, StockIQ Technologies. The group discusses how StockIQ continues to support a customer with inventory management, forecasting, and demand planning. Jeffrey also shares details on the “Inventory Theory Workshop” Academy class he’ll be leading at Community Summit NA 2024.
This episode is sponsored by Community Summit North America, the largest independent gathering of the Microsoft Business Applications ecosystem, taking place Oct. 13-17, 2024, in San Antonio, Texas. Register today to connect with thousands of users across the Microsoft business applications ecosystem at the for user, by user event.
Key Takeaways
- Who is StockIQ: StockIQ is a software development company specializing in predictive analytics for inventory management, aiming to optimize inventory positioning while avoiding excess stock to ensure clients have the right inventory at the right time without wastage. StockIQ complements Dynamics platforms, from GP to BC to F&O.
- Addressing forecasting for clients: Hit Promotional Products, a company that StockIQ has worked closely with over the last 15 years, is a Florida-based company in the promotional products sector, known for its branded and trending trade show items. StockIQ has worked with Hit Promotional Products to address long lead times with forecasting as well as inventory management.
- SKU rationalization: Hit Promotional Products focuses on “trendy” products with lead times equal to their product lifespan. Stock IQ assists in forecasting and demand planning to ensure that thousands of inventory items are available when trends peak, avoiding excess stock that could result in wasted resources. This process, known as SKU rationalization, helps balance inventory and forecasts for future demand.
- StockIQ solutions: Jeffrey notes that there are three components to business productivity: people, processes, and technology. Specifically, technology – and StockIQ solutions – enable companies to improve productivity significantly. The combination of people’s insights, efficient processes, and advanced tools ensures accurate forecasting and demand planning, leading to consistent reviews and market adaptability, which in turn drives productivity and market share gains. Hit Promotional Products has seen a $40 million reduction in inventory based on a StockIQ solution that was worked into its processes.
- Rising trends: AI and machine learning are at the forefront of enabling companies to enhance their forecasting accuracy. StockIQ utilizes these technologies to analyze historical data and identify patterns, leading to more precise demand predictions. This helps companies minimize inventory levels, freeing up resources for growth and improving efficiency. Incorporating more AI capabilities into its offerings is on StockIQ’s 3-year roadmap.
- Forecasting and demand planning at Summit NA: Jeffrey Porter will be leading an Academy class at Community Summit NA 2024, running October 13-17 in San Antonio, TX, called “Inventory Theory Workshop.” The class will focus on the critical variables in a supply chain and the movement of inventory. The class will also “demystify AI” and is part of the broader education necessary to utilize tools for predicting demand and managing inventory effectively.
