RELEX Solutions and Accenture to Help Lowe’s Enhance Inventory Planning
RELEX Solutions and Accenture collaborate with Lowe's Companies, Inc. to enhance seasonal inventory planning using AI-driven technology. The partnership aims to optimize inventory levels and improve customer satisfaction in the home improvement retail sector.
In the context of retail operations, the collaboration between Lowe’s, RELEX Solutions and Accenture represents a strategic move to enhance seasonal inventory planning . This is crucial in the retail sector, especially for a home improvement giant like Lowe's, as inventory management directly impacts customer satisfaction , sales efficiency and ultimately the bottom line . The introduction of AI-driven technology from RELEX, coupled with Accenture's advisory services, is expected to result in more accurate demand forecasting, reduced stockouts and improved turnover rates.
From a supply chain perspective, the use of advanced analytics and AI can lead to a significant reduction in carrying costs and markdowns , which are common issues in seasonal inventory management. These technologies can also enhance the responsiveness of Lowe's supply chain to market fluctuations and consumer trends, which is particularly important in the current environment of high economic volatility.
The partnership between Lowe's, RELEX Solutions and Accenture indicates a broader industry trend where traditional retailers are increasingly adopting digital transformation strategies to stay competitive. The focus on AI-driven inventory management systems by a major player like Lowe's underscores the importance of technological innovation in the retail sector. It's a response to the growing consumer demand for omnichannel shopping experiences and the need for retailers to manage inventory across multiple channels seamlessly.
By leveraging RELEX's AI capabilities, Lowe's is likely to achieve a more granular level of inventory control , enabling them to tailor stock levels more closely to customer demand patterns. This could lead to improved gross margins and market share gains , as well as a stronger competitive position against both brick-and-mortar and online rivals.
Investors and stakeholders of Lowe's should note the potential financial implications of this strategic collaboration. Effective inventory management is a key lever for improving a retailer's cash flow and working capital efficiency . By optimizing stock levels and minimizing overstock situations, Lowe's could see an enhanced return on investment (ROI) in inventory, which is a critical metric for retail financial performance.
Additionally, the partnership could lead to operational cost savings through more efficient supply chain processes and reduced need for emergency stock transfers or expedited shipping. Over time, these improvements can contribute positively to Lowe's earnings per share (EPS) and overall financial health , making the company more attractive to investors seeking stable growth in the retail sector.
03/07/2024 - 09:00 AM
NEW YORK & ATLANTA --(BUSINESS WIRE)--
RELEX Solutions , provider of unified supply chain and retail planning solutions, and Accenture (NYSE:ACN) are working with Lowe’s Companies, Inc. , (NYSE: LOW) to support its seasonal inventory planning. This collaboration will bring together delivery, advisory, and industry experience from Accenture, with the RELEX AI-driven technology.
“Our selection of RELEX was driven by their proven expertise in the home improvement retail sector. We were particularly impressed by their advanced, AI-driven approach and the flexibility of their inventory management systems,” said Camille Fratanduono, Senior Vice President of Inventory, Replenishment and Planning at Lowe’s. “RELEX is well-known for their automation capabilities and exceptional dashboard. Working with both RELEX and Accenture aligns with our ongoing commitment to leveraging innovative solutions to enhance our business processes."
RELEX Senior Vice President for North America , Keith Adams, commented, "This collaboration marks a milestone in the RELEX journey and the start of our strategic partnership with Accenture. Our deep experience in the home improvement retail sector proves how our AI-driven solutions are designed to cater to the unique demands of large-scale retail operations, in order to ensure optimal inventory levels and improve customer satisfaction. This announcement reflects our commitment to delivering top-tier solutions and supports our vision of becoming the go-to provider for inventory optimization in diverse retail settings."
Jill Standish , global lead of Accenture’s Retail industry practice, said: “Agile, digital supply chain networks can drive growth and profitability in challenging times of ongoing disruption. Together with RELEX, we are helping companies like Lowe’s on a journey to improve operational agility and responsiveness to meet customer expectations.”
About RELEX Solutions
RELEX Solutions provides a unified supply chain and retail planning platform that aligns and optimizes demand, merchandising, supply chain, operations, and production planning across the end-to-end value chain. We help retailers and consumer goods companies like ADUSA, AutoZone, Coles, Dollar Tree and Family Dollar, M&S Food, PetSmart, and The Home Depot drive profitable growth across all sales and distribution channels, leading to higher product availability, increased sales, and improved sustainability. Learn more at: https://www.relexsolutions.com/customers/
About Accenture
Accenture is a leading global professional services company that helps the world’s leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services—creating tangible value at speed and scale. We are a talent- and innovation-led company with 743,000 people serving clients in more than 120 countries. Technology is at the core of change today, and we are one of the world’s leaders in helping drive that change, with strong ecosystem relationships. We combine our strength in technology and leadership in cloud, data and AI with unmatched industry experience, functional expertise and global delivery capability. We are uniquely able to deliver tangible outcomes because of our broad range of services, solutions and assets across Strategy & Consulting, Technology, Operations, Industry X and Song. These capabilities, together with our culture of shared success and commitment to creating 360° value, enable us to help our clients reinvent and build trusted, lasting relationships. We measure our success by the 360° value we create for our clients, each other, our shareholders, partners and communities. Visit us at www.accenture.com .
About Lowe's
Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 16 million customer transactions a week in the United States . With total fiscal year 2023 sales of more than $86 billion Mooresville, N.C. , Lowe’s supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240307717013/en/
Jolene Peixoto
jolene.peixoto@relexsolutions.com
Tara Burns
tara.burns@accenture.com
Source: RELEX Solutions
What companies are collaborating with Lowe's for seasonal inventory planning?
RELEX Solutions and Accenture are collaborating with Lowe's for seasonal inventory planning.
What technology is being used for inventory planning in the collaboration?
The collaboration is using RELEX AI-driven technology for inventory planning.
Who is the Senior Vice President of Inventory, Replenishment, and Planning at Lowe's?
Camille Fratanduono is the Senior Vice President of Inventory, Replenishment, and Planning at Lowe's.
What is the vision of RELEX Solutions in this collaboration?
RELEX aims to become the go-to provider for inventory optimization in diverse retail settings.
What is the goal of Accenture in the collaboration with RELEX and Lowe's?
Accenture aims to drive growth and profitability by improving operational agility and responsiveness in supply chain networks.
