Foresight Retail

Foresight Retail is a merchandise planning solution offered by Foresight Retail. According to the vendor, this solution aims to revolutionize how businesses plan and grow by providing powerful forecasting and insights. It is designed for retailers, wholesalers, and manufacturing clients of all sizes. The product offers a range of features that cater to the needs of professionals in various industries, including retail, wholesale, manufacturing, and more.

Key Features

Powerful, dynamic, and flexible planning: According to the vendor, Foresight Retail offers powerful and flexible planning capabilities at any level and across any channel. It allows for dynamic adjustments through drag and drop functionality, enabling intelligent store planning and providing insights on opportunities by store.

Automatically generated Assortment Plans: The solution automatically generates Assortment Plans tailored to retailers' specific needs, as claimed by the vendor. It enables bottom-up planning for higher accuracy and leverages the Smart Forecasting engine to provide quantifiable insights tied to financial targets. The vendor asserts that it automates the assortment planning process, combining art and science.

Automation and flexible product consolidations: The Item Planning module of Foresight Retail provides automation and flexible product consolidations using attributes and dynamic totals, according to the vendor. The Smart Forecasting engine generates demand for any item with exceptional system performance. The vendor claims that it seamlessly integrates with other modules for governance and strategic alignment.

Automated replenishment with product eligibility rules: The Allocation & Replenishment module of Foresight Retail offers automated replenishment with product eligibility rules, forecasting methods, and exceptions reporting, as stated by the vendor. It also includes machine learning model builders to refine data signals and enhance forecasts. Retailers can allocate and replenish more accurately with multiple methods to choose from, according to the vendor.

Leverages additional insights beyond historical trends: The Smart Forecasting feature of Foresight Retail leverages additional insights beyond historical trends for more accurate planning, according to the vendor. It utilizes sophisticated and industry-proven modeling algorithms to capture trends, seasonality, identify outliers, and calculate lost sales. The vendor claims that retailers can compare multiple forecast scenarios within store and product plans.

Embedded reporting solution for instant access: According to the vendor, the solution provides an embedded reporting solution for instant access to dashboards and reports. It offers dynamic updates across modules for real-time analysis and decision-making. Retailers can transform data into actionable insights to drive better business outcomes, as claimed by the vendor.

Precise product assignments: Foresight Retail Assortment Planning enables precise product assignments by building assortment plans at the store level, according to the vendor. This ensures unmatched accuracy and detailed assortments that cater to specific store requirements, as claimed by the vendor.

Multiple strategy flexibility: The solution offers multiple strategy flexibility, allowing retailers to choose from a range of assortment strategies based on their specific needs, according to the vendor. This ensures that the assortment plans align with the retailer's overall business objectives and goals, as claimed by the vendor.

Perfectly sized assortments: Foresight Retail Assortment Planning provides perfectly sized assortments by considering factors such as store size, customer preferences, and market trends, according to the vendor. Each store receives the right mix of products to meet customer demand and maximize sales, as claimed by the vendor.

Drive out accurate initial allocations: The solution helps retailers drive out accurate initial allocations by leveraging data and insights from the assortment planning process, according to the vendor. This reduces excess stock and minimizes stockouts by ensuring the right amount of inventory is allocated to each store, as claimed by the vendor.