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What do I need to do to apply data science in Qlik?

Data science in Qlik

Automating inventory management is an important step to ensure efficiency and accuracy within an organization. In this blog, we describe a detailed step-by-step plan that focuses on data science and the use of Qlik as a tool. With this approach, we can optimize the inventory management process and minimize operational costs.

What steps are being taken?

The following steps explain what integrating data science into Qlik means for your business and what the results are. In this example, this is applied to the area of ​​inventory management in retail. If you are curious about what data science can do for your business/industry, please contact us using the form below.

Step 1: Collecting data

It all starts with acquiring the right data to support your inventory management processes. Identify the relevant sources within your organization, such as sales data, product information, and supplier files. Make sure you have access to real-time, reliable data to perform accurate analysis.

Step 2: Analyze data

Now that you have the data you need, it’s time to analyze it. Use Qlik’s analytics capabilities to gain insights into trends, demand and supply situations, and seasonal patterns. This will help you make the right decisions based on facts and figures.

Step 3: Forecasting demand

Using data science models, you can predict the demand for your products. Use historical data and statistical models to identify trends and patterns. These predictions form the basis for planning your inventory levels and avoiding over- or understocking.

Step 4: Optimize inventory levels

Using the insights from step 3, you can optimize your inventory levels. Identify products with a high risk of overstock or shortage and adjust your ordering process accordingly. Qlik gives you real-time access to your inventory data so you can quickly respond to changing conditions.

Step 5: Supplier Integration

Efficient inventory management also involves good cooperation with your suppliers. Integrate your suppliers into the process by giving them access to relevant data and demand forecasts. This allows them to optimally align their production and delivery processes with your needs.

Solutions in data science

As can be read in the step-by-step plan, data science can bring a lot to your company. First of all, data science emphasizes the importance of keeping and collecting the right data from different sources, so that you can make decisions based on factual information.

Victa can then, by using data science models, prevent over- or under-supply by aligning production and delivery processes. This can be implemented and visualized nicely in a tool like Qlik. This way you minimize your operational costs and this positively influences the company results.

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At Victa we are ready to help you further in the field of data science. Don't hesitate to ask questions and contact us now!

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