Merchandise Financial Planning Helps National Retailer Leverage Data to Optimize Inventory Management
By consolidating the planning and forecasting process for its physical stores, online store and warehouses into one solution, Stein Mart will be better equipped to manage its inventory to support the needs of its customers, regardless of how they choose to shop. With Oracle Retail Cloud Services, Stein Mart has the tools to keep its merchandise assortments fresh and relevant for buyers.
“We have been focused on simplifying our merchandising processes while expanding our omni-channel capabilities and new business initiatives. The enhanced functionality of Oracle’s Merchandise Financial Planning solution will help us analyze data faster to create better plans up front so we can buy smarter and manage inventory more effectively,” said Nick Swetonic, Stein Mart’s senior vice president of planning and allocation.
“Today, retailers sell whatever they buy, often at the expense of the bottom line. Tomorrow, they will be able to more accurately predict placement, price, and sizes across every store and market. This is the promise of the Oracle Retail Cloud,” noted Mike Webster, senior vice president and general manager, Oracle Retail. “We are helping companies like Stein Mart refine their approach to inventory and purchasing, so they can continually delight customers while improving results with merchandise that turns quickly.”
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Stein Mart partnered with Cognira, experts in analytics, configuration and integration, and retail consulting firm The Parker Avery Group to re-engineer business processes and implement Oracle Retail Merchandise Financial Planning Cloud Service. Both Cognira and Parker Avery are members of the Oracle PartnerNetwork (OPN). Previously, Stein Mart also implemented Oracle Retail Merchandising, Oracle Retail Store Inventory Management, Oracle GoldenGate, Oracle JD Edwards, and Oracle Retail Point of Sale.
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