Kik is introducing AI-based solutions for planning, merchandising and inventory management from US specialist Impact Analytics. With the new platform, the textile and non-food discounter aims to modernise processes and provide its teams with more and better data for decision-making.
Implementation has already begun at the company. Impact Analytics’ platform is designed to help optimise performance of planning, purchasing, inventory management and reporting at Kik headquarters and across its retail network of more than 4,200 stores in 14 countries. With the move, Kik expects to improve both its margins and customer service.
Modules deployed include AssortSmart for assortment planning and PlanSmart for merchandise planning as well as InventorySmart and ItemSmart for inventory management and item planning. In addition, Kik is implementing MondaySmart business intelligence software, which uses generative AI to deliver insights in natural language.
Demand drives forecasting
The software uses machine learning for assortment optimisation. Its AI tools deliver demand-oriented forecasts and strategic product recommendations. It balances depth and breadth of offerings specifically by sales channel and location. This is set to increase inventory turnover, improve margins and lower price reductions.
Automated calculations and AI-supported forecasts are designed to help manage merchandise planning more accurately and efficiently. The software integrates scenario planning and offers flexible hierarchies and real-time updates for data-driven financial planning. Inventory management and item planning at SKU level are also aimed to become more accurate and efficient thanks to forecasting models and automation.
Natural language reports
With MondaySmart, Kik utilises an automated and causal AI-supported report analysis platform. Through data integration and visualisation, it is set to deliver actionable insights. The software evaluates key business factors such as pricing, inventory, competition and weather to analyse performance deviations and identify causes.
The system automatically summarises its findings in natural language using generative AI. This should make meetings more productive and enable decisions to be made more quickly and easily.
