At a Glance
Invent Analytics helped Boyner, a leading department store retailer transform its business with Store Replenishment and Transfer Optimization solutions. Invent Analytics empowered the retailer to increase in-stock availability and sell-through, reduce out-of-stocks, and ultimately boost sales.
Boyner is a large department store chain serving its customers with large multi-brand department stores in various retailing concepts. Boyner’s department stores houses hundreds of brands and various product lines. The range of products Boyner offers - including its own labels - range from cutting-edge fashion, jewellery, accessories, and cosmetics to home decoration.
The Goal of Improving Inventory Optimization Capabilities
Boyner had the goal to maximize inventory turns and availability with profit-optimized inventory decisions. To bring this goal to life, Boyner needed to improve its ability forecast Store-SKU level demand more accurately and replenish in a profit-optimal manner.
On the other hand, due to working with hundreds of global brands and having a multi-brand operating model, Boyner has different unique constraints to its business dynamics. For example, long-horizon buy plans, long lead times for repeat orders, large store capacities require Boyner to have high initial allocation quantities. Thus, Boyner also wanted to increase its inventory productivity by rebalancing the inventory across locations with Store Transfer Optimization. The company wanted to be highly proactive and optimize store transfers to prevent overstocks, lost sales, and unnecessary markdowns. These goals were the key driver in the company's decision to move to more analytics driven inventory planning processes and implement more sophisticated replenishment and transfer optimization technologies.
Why Did Boyner Select Invent Analytics?
AI and advanced analytics capabilities | Tailor-fit Solutions | Continuous Support
To maintain the company’s position as a leading department store retailer and better meet its customers’ demands for product availability, Boyner decided to leverage the power of AI and analytics to enhance its inventory management capabilities. For this transformational inventory optimization project, the retailer selected Invent Analytics based on its technological expertise and advanced scientific know-how in retail industry.
“We wanted to work with a solution provider that can add value by bringing advanced capabilities,” explains Eren Camurdan, General Manager at Boyner, “Invent Analytics was the only company that provided tailor-fit solution that would adapt to our changing business needs. Their deep analytics capabilities and the collaborative approach to delivering value hold the key to fulfill our expectations to the fullest.”
How Invent Analytics Helped Boyner Take Dynamic Inventory Optimization to the Next Level
One key element of Boyner’s customer-centric approach was to make sure that their customers are able to find products that they would like to purchase and have the right sizes are available. As such, Boyner first deployed Invent Analytics’ Replenishment Solution and fully automated its processes for all the stores. The robust solution helped Boyner positioning inventory smartly and reduce overall lost sales.
In the second phase of the inventory optimization project, Boyner implemented Invent Analytics’ Transfer Optimization solution. “Before Invent Analytics, our old transfer planning system wasn’t effectively rebalancing inventory across locations for maximum efficiency. Our goal was to make better decisions on moving products from underperforming locations to other locations where demand is higher.” says, Arda Sirin, Supply Chain & Merchandising Planning Director of Boyner.
Invent Analytics’ delivered new capabilities for Boyner in 4 key areas in just 4 months.
- Enhanced replenishment capabilities
“Invent Analytics dramatically simplified a very complex process for us. Today, replenishment is just an email that we receive every morning from Invent Analytics.” says, Arda Sirin, “The solution empowered us to increase inventory turns and improve in-store availability in a very short time.”
- Faster transfer decisions and minimized lost sales
Before the rollout of Transfer Optimization, it would take Boyner a couple of days to make the transfer decisions. By creating an optimum transfer plan using a profit-maximizing optimization model, Invent Analytics enabled the retailer to make the transfers within an hour. Accurate transfer orders helped Boyner to consolidate the right inventory at the right stores. It minimized lost sales and markdown losses by reducing broken assortment and creating efficiency by transferring inventory from stores approaching season-end to stores that are still in high-season.
- Store-to-store transfers based on the probability of sales at Store-SKU-week level
With Invent Analytics, Boyner was able to address the costly problem of transferring inventory between stores and increased profitability.
Today the comprehensive Transfer Optimization Solution creating a profit-maximizing transfer plan identifies transfer pairs with the highest revenue impact and lowest transfer costs. By moving products from underperforming stores to locations where the same product sells faster, Boyner achieves maximum sales uplift with minimum logistics and operational cost.
- Achieving 4.8% incremental sales with Transfer Optimization
Redesigned and streamlined transfer optimization has contributed a 4.8% increase in Boyner’s sales.
“With, Invent Analytics’ Transfer Optimization Solution, we’ve seen a significant increase in turnover. Invent Analytics helped us reach beyond optimizing KPIs and boost our financial performance.” -Arda Sirin, Boyner
Providing Continuous Support Every Day
Throughout this transformational project, Invent Analytics team understood the challenges Boyner faced and applied proven methodologies and advanced capabilities in inventory optimization for Boyner. Working hand-in-hand with the leading retailer to accurately understand its changing needs, Invent Analytics continuously support Boyner and tailor-fits its solutions to take their business one step forward.
“In the customer-centric future, the requirements for better inventory management, flexibility, and adaptability will increase. For us, the strong support and innovation from Invent Analytics plays a critical role in maintaining our competitive edge in a rapidly shifting environment.”
“By focusing our efforts to create measurable financial impact, Invent Analytics walks with us on the path of delivering significant value today and tomorrow.” -Eren Camurdan, Boyner