Retek’s Advanced Inventory Planning Solution Synchronizes Supply With Consumer Demand Across Multiple Channels for Maximum Inventory Performance
MINNEAPOLIS - August 14, 2003 æ Retek Inc. (Nasdaq: RETK) today announced that Argos has selected the Retek® Advanced Inventory PlanningTM solution (AIP) to improve in-stock availability and sales while reducing total inventory levels. With sales of over GBP 3 billion, multi-channel giant Argos was named UK’s Retailer of the Year in 20031. With Retek AIP, Argos will optimize its supply chain through improved planning of stock moving into the warehouse and then out to the stores. New technology from Retek will improve the performance of one of its biggest assets – inventory. Constraint-based store and warehouse order planning will produce an optimized, time-phased inventory plan that satisfies both the demands of the customer and the balance sheet.
"Retek recognizes the unique planning requirements of a retailer," said Kate Swann, managing director at Argos. "After an extensive search and evaluation of retail solutions, we selected Retek for its retail expertise. Retek’s Advanced Inventory Planning solution will help Argos to provide even better product availability to our customers, whilst helping reduce stock holding costs that we can pass on to our customer as even better value."
"Argos has been recognized as a leading retailer for both its business performance and its technology excellence," said Tom Fischer, vice president of Retek Northern Europe. "I am delighted that Retek will now be extending our relationship with such an innovative retailer. Argos is part of a pioneering group of Retek customers experiencing great benefits through a new evolution in supply chain planning." Other organizations benefiting from Retek supply chain solutions include Tesco, New Look, Gymboree and Sheetz.
RETEK ADVANCED INVENTORY PLANNING
Embedding advanced constraint-based optimization and predictive technology in Retek AIP delivers "optimal" order plans that are based on the most accurate prediction of consumer demand and real-world constraints such as: inventory, lead-times, supply chain capacity and labor. Flexible exception management provides for practical implementation and use in a fast-paced retail environment. Capacity planning evaluates the organization`s ability to execute the inventory plan and the sophisticated reconciliation and smoothing processes ensure execution. These advanced solutions help retailers lower inventory levels, increase inventory availability and optimize asset utilization.
Retek Advanced Inventory Planning provides retailers significant benefits:
1 Argos won Retail Week’s UK’s Retailer of the Year Award 2003. Argos also won the Multi Channel Retailer of the Year, Retail Technology Solution and Marketing Campaign of the Year categories.
Argos, the UK’s leading multi-channel retailer has 520 stores in the UK and Republic of Ireland and sales of over £3billion. 15million customers shop with Argos each year. Argos, the pioneer of catalogue retailing in the UK has established a strong brand focused on choice, value and convenience. To visit Argos’ award winning e-tail site, click on www.argos.co.uk.
About Retek Inc.
Retek Inc. (Nasdaq:RETK) is the leading provider of mission-critical software and services to the retail industry. Retek solutions integrate collaborative software with patented predictive technologies, consulting services, and the best practices of customers and partners to help retailers create, manage and fulfill consumer demand. Leading global retailers including Tesco, Best Buy, Gap Inc., Sainsbury`s, Eckerd Corp. and Selfridges use Retek solutions. On the net: Retek at http://www.retek.com.
Retek is a trademark of Retek Inc. Other names may be trademarks of their respective owners. Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. Such factors are described from time to time in the company`s Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.
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