Harrods To Improve In-Season Planning And Decision-Making With Predictix Applications
Initial rollout of Predictix Merchandise Financial Planning will provide better forecasts and help align inventory with demand
Predictix recently announced that Harrods, the world's most prestigious department store, is implementing a series of Merchandise Planning applications from Predictix. The Predictix software is being rolled out for Harrods' Knightsbridge store as well as its airport locations and online site.
Harrods recognised a need to upgrade its current planning system to allow for more in-depth and more efficient forecasting processes. Rupert Symes, Merchandise Director, said, "The Predictix application was very flexible in presenting information to the users, and it provided detailed forecasts by season and merchandise class, with far more measures than before." In addition, the Predictix cloud-delivered model – with no hardware or software to buy and no long-term commitments – proved compelling for Harrods.
With the Predictix Merchandise Financial Planning application, Harrods can set financial performance goals prior to each fashion season, adjust budget parameters, and then buy according to the plan. The Predictix software then gives Harrods the agility to review critical performance data each week, determine what adjustments are needed in order to meet financial targets, and instantly adjust the merchandise forecast.
The Predictix planning applications will leverage Harrods' existing IT applications, including SAP's data warehousing tool, and provide the retailer with a number of key business benefits:
- Fast insight into inventory. With Predictix, Harrods can quickly see inventory levels for merchandise in relation to variables such as sales trends, price points, margins and location within the store. Harrods can then take action to ensure that it has the right inventory levels for best-selling merchandise and reduce inventory on slower-moving products.
- Fewer out-of-stocks. By matching inventory to in-season demand, Harrods can reduce stockouts and ensure the optimal service it prides itself in delivering to its customers.
- Increased merchandising productivity. Predictix will improve coordination between Harrods' merchandising and financial teams.
- Improved staff productivity. Harrods expects significant time savings as a result of eliminating manual processes.
Throughout the software implementation process, Predictix has worked closely with Harrods' merchandising and IT teams to tailor the application to the retailers' requirements.
"Harrods is an iconic luxury brand that combines one of the most prestigious retail properties in the world with best-in-class financial performance," said Molham Aref, CEO, Predictix. "It is an honour to be working with Harrods, and we look forward to bringing a new level of effectiveness and efficiency to their merchandising processes."
About Harrods
Harrods is the world's most prestigious department store, with more than 360 departments spread over seven floors of its iconic Knightsbridge building. The store's vast selection of merchandise ranges from international haute couture to cutting-edge technology, as well as an unrivalled choice of exquisite food and drink in the world-famous Food Halls. Harrods also offers exclusive services including By Appointment Personal Shopping and Beyond to provide a total lifestyle experience. The Harrods ethos of 'anything is possible' sets out to surpass the desires and expectations of its customers. For more information, visit http://www.harrods.com.
About Predictix
Retailers, wholesalers and brands make better forecasting, planning, assortment, pricing, and replenishment decisions with the Predictix merchandising software suite. Our clients get started quickly and see value early, thanks to our cloud-based solutions and our agile approach to delivery. Our predictive technology is more accurate and drives better decisions in today's changing environment. Building on our executive team's experience in leading well-known retail technology companies, we've developed our software from the ground up so our clients can completely tailor and readily adapt it as their business needs change. With no hardware to buy, software to install, or long-term commitments to make, we are changing the way our clients invest in and get value from technology. For more information, visit www.predictix.com.
SOURCE: Predictix