ToolsGroup Announces Inventory Hub®, the Single Source of Truth for Real-Time Data Across the Enterprise In a world of too little, too late, real-time data provides the actionable insights companies need to maximize inventory performance and business profitability
Boston MA and New York, NY - NRF 2023 Retail's Big Show | January 16, 2023 07:30 AM Eastern Standard Time
ToolsGroup, a global leader in retail and supply chain optimization software, today introduced the launch of Inventory Hub®, a Dynamic Data Unification Platform that provides retailers with a “single source of truth” for inventory data across their enterprises.
“As the retail industry rapidly evolves, it is becoming evident that capturing disruption signals both locally and globally and reacting fast to them is the foundation for sustainable and efficient planning,” says ToolsGroup CEO, Inna Kuznetsova. “Inventory Hub is the cornerstone of moving from static to dynamic planning and achieving a new level of efficiency in retail planning while prioritizing customer experience without detriment to profitability"
Most multichannel retailers today have separate systems - ERP, order management, inventory, POS - that are not well integrated with each other and keep data trapped in separate silos. As a result, retailers grapple with discrepant views of inventory between systems, channels and applications, and are hindered by limited visibility and access to real-time supply, demand and operational data.
To combat these data silos, the Inventory Hub® Dynamic Data Unification Platform provides retailers with a “single source of truth” for inventory data across supply, demand and operations. Inventory Hub helps retailers track and serve inventory data across channels, systems and applications in real-time, powering unified commerce, inventory management at web speed, and creating a composable backend to enable business speed and agility. Inventory Hub enables retailers to:
1. Break Data Silos: Inventory Hub tracks inventory across siloed systems by listening to events directly from transactional systems and generating actionable views of stock across the inventory lifecycle, including supply, demand, and operations. The highly scalable platform processes and analyzes data quickly and applies configuration to provide actionable views of inventory.
2. Share Data Across the Enterprise: Inventory Hub disseminates these views of inventory to any destination channel or application without system disconnects or latency. It calculates and serves views at the item, location, and item/location-level to any destination system, including retail applications, websites, mobile apps, marketplaces, and search/social channels.
3. Enable Unified Commerce: Inventory Hub lays the foundation for a unified commerce model by providing a “single source of truth” for inventory data required to ensure retail customers have a continuous experience as they browse and transact regardless of touchpoint.
4. Power In-House Systems: Inventory Hub is system-agnostic and provides developer tools to merchants who can use its data to power in-house systems and applications.
Powered by this unified, real-time information, companies can reduce out-of-stocks, improve profitability, increase agility and provide better, more consistent customer experiences.
ToolsGroup’s innovative AI-powered solutions enable retailers, manufacturers, and distributors to navigate through supply chain uncertainty. Our retail and supply chain planning suites empower a new level of intelligent decision making, and unlock powerful business improvements in forecast accuracy, service levels, and inventory - delighting customers and achieving financial and ESG KPIs. Stay in touch with ToolsGroup on LinkedIn, Twitter, YouTube, or visit www.toolsgroup.com.