Method and system for optimizing product inventory levels
First Claim
1. A method for improving product inventory levels comprising:
- obtaining inventory data related to product inventory for each of a plurality of products;
calculating a statistical measure for each product from the inventory data for that product;
displaying the statistical measures for the products in an ordered arrangement according to priority;
selecting a product to investigate based upon the ordered arrangement;
displaying a chart from the inventory data for the selected product, wherein the chart illustrates historical performance relating to the inventory data for the selected product over a period of time;
identifying an irregularity in the historical performance; and
using the irregularity to address inventory issues regarding the selected product.
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Abstract
A method and system for inventory control. According to one exemplary embodiment, inventory data relating to product inventory is collected over a period of time for a plurality of products. A statistical measure is calculated for each product from the inventory collected. The statistical measures are displayed in graphical format, such as via a Pareto chart for example, and in an ordered arrangement, such as to indicate a priority. A product can then be selected for investigation and a historical chart for the selected product can be displayed, such as via a control chart for example. Irregularities in the data can then be identified, as can the causes thereof, and inventory problems can be addressed to improve the system. In another exemplary embodiment, customers are given incentives to report out-of-stock conditions for any product, including non-promotional products, by providing compensation for such reports. The reports can be electronically recorded, analyzed, summarized, and/or utilized for identifying inventory issues.
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Citations
22 Claims
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1. A method for improving product inventory levels comprising:
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obtaining inventory data related to product inventory for each of a plurality of products;
calculating a statistical measure for each product from the inventory data for that product;
displaying the statistical measures for the products in an ordered arrangement according to priority;
selecting a product to investigate based upon the ordered arrangement;
displaying a chart from the inventory data for the selected product, wherein the chart illustrates historical performance relating to the inventory data for the selected product over a period of time;
identifying an irregularity in the historical performance; and
using the irregularity to address inventory issues regarding the selected product. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A system for identifying product inventory issues, comprising:
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a processor;
a display unit in communication with the processor;
a memory in communication with the processor and adapted for storage of inventory data relating to product inventory;
a program adapted to be executed by the processor, wherein the program is configured to display a historical chart on the display unit from inventory data relating to product inventory, wherein the historical chart illustrates historical performance relating to the inventory data for the product over a period of time, and wherein the program is further configured to calculate a statistical measure for each product from the inventory data for that product and display on the display unit the statistical measures for the products in an ordered arrangement according to priority. - View Dependent Claims (8, 9)
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10. A method of identifying inventory control issues, comprising:
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obtaining historical inventory data related to product inventory for a product;
displaying a historical chart indicating historical performance over time of the historical inventory data;
identifying an irregularity in the historical performance; and
determining the cause of the irregularity. - View Dependent Claims (11, 12, 14, 16, 17, 18, 20)
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13. A computerized method for displaying inventory control issues, comprising:
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retrieving historical inventory data related to product inventory for a plurality of products, wherein the historical inventory data has been collected periodically over a period of time;
calculating a statistical measure for each product from the historical inventory data collected over the time period for that product; and
displaying the statistical measures for the products in an ordered arrangement according to magnitude.
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15. A method of receiving consumer feedback regarding out-of-stock situations, comprising:
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offering compensation for reporting out-of-stock situations;
receiving reports of out-of-stock situations; and
conveying compensation for each report received.
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19. A method of identifying inventory control issues, comprising:
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receiving reports of out-of-stock situations for a variety of products, including non-promotional products;
electronically recording information regarding the reports received;
displaying a summary of the electronic information; and
using the summary to identify potential inventory issues.
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21. A method in a computer system for use in analyzing inventory issues, comprising:
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displaying a priority chart illustrating an ordered arrangement of statistical measures for a plurality of products, wherein the statistical measures are related to inventory data for the products;
selecting at least one of the products; and
displaying a historical chart illustrating historical performance relating to the inventory data for the selected product over a period of time. - View Dependent Claims (22)
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Specification