1. Choose an Analytics Platform
If you’re tired of using complex platforms — or even worse, if you’re interpreting your data by hand — you need to start using a platform that makes analyzing your Home Depot data simple and quick! Doing so can be the difference between being reactive and proactive.
Krunchbox is a point-of-sale analytics software that helps vendors analyze data in order to optimize inventory and drive incremental sales for their retailers. It makes collaborating with your retailer easy, is very user-friendly, provides advanced analytics, and actionable, sharable reports for your meetings.
2. Establish Your Baseline and Historical Trends
Now that you are armed with a more intuitive analytics platform, you can quickly determine where your baseline is and use it as a benchmark to compare changes in sales, inventory, and overall performance. Doing so will give you insight on how you are doing currently and help you make a plan for where you want to go.
Once you establish what your baselines are, you can start to see the historical trends and know if you are heading into being understocked and overstocked and take action. Krunchbox can identify and prevent out-of-stocks from happening and thus improve your sales.
3. Plan for Exceptions
Inventory management is a difficult task, and out-of-stocks create headaches for the consumer, retailer, and vendor! Identify exceptions to your historical trends so that you can quickly see when something unusual occurs. For example, changes in weather or natural disasters can cause spikes in purchases, and you’ll want to be prepared.
4. Communicate With Your Home Depot Buyer
Krunchbox makes it easy to collaborate, view your data, and share an action plan with your Home Depot buyer to show the steps you are taking to be more proactive and improve your relationship with them. You are able to confidently meet with them and share your thoughts about what the data is telling you, and they will view you more as a supplier-partner instead of just a vendor.
Learn More In Our Guide To Analyzing Your POS Data.