Mattress Firm aims to streamline its inventory management processes through an artificial intelligence-powered platform, according to an April announcement.
Using Invent.ai technology, the retailer will aim to upgrade demand forecasting and distribution center replenishment, the release said.
Invent.ai’s forecasting capabilities leverage AI to make inventory projections, versus sales expectations, to improve stocking decision-making, according to the technology provider’s website.
“Then, retailers can peer beyond the curtain to instantly see anomalies in stock levels, such as seemingly missing inventory, i.e., phantom inventory, and how such issues affect margins,” per the website.
Meanwhile, Invent.ai’s replenishment solution helps optimize stock levels by using historic and real-time sales data, automated replenishment runs and forecasting, per the website. In turn, retailers can manage inventory orders based on demand patterns or capacity strains to reduce stockouts and excess inventory.
“We were impressed with expected ROI modeling and accelerated time to value,” Deborah Weidemeyer, VP of merchandising lifecycle at Mattress Firm, said.
The mattress retailer joins the list of companies tapping AI to improve inventory planning and other supply chain operations. In March, furniture retailer Mathis Home announced plans to use Blue Yonder’s demand and replenishment solutions to help automate planning processes. Apparel company Fabletics also tapped AI earlier this year to optimize demand planning and inventory management.
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