Retek Introduces Advanced Inventory Planning Solution
Optimized, Time-Phased Inventory Planning Solution Synchronizes Supply With Consumer Demand to Maximize Inventory Performance
MINNEAPOLIS - May 13, 2003 - Retek Inc. (Nasdaq: RETK) announced today the introduction of Retek? Advanced Inventory Planning? solution (AIP) that enables retailers to improve in-stock availability and sales with reduced total inventory levels. The Retek Advanced Inventory Planning solution combines Retek`s industry leading demand forecasting engine with constraint-based store and warehouse order planning to produce an optimized, time-phased inventory plan.
Retailers are faced with competing priorities: increasing customer expectations requiring improved service levels, while reducing operating costs to improve or sustain margins in today`s competitive retail environment. To successfully balance these priorities, retailers must synchronize supply with consumer demand.
RETEK ADVANCED INVENTORY PLANNING
Retek Advanced Inventory Planning integrates with Retek? Demand Forecasting? to produce time-phased, optimized replenishment plans at both store and distribution center levels. The highly scalable Retek Demand Forecasting solution, combined with the Retek Promote module, leverages advanced scientific algorithms to develop industry leading consumer demand forecasts at levels as low as SKU/store/day. These forecasts are integrated with Retek AIP to drive forward looking, time-phased order plans that are synchronized with all nodes in the supply chain: stores, warehouses and suppliers.
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.
BENEFITS
Retek Advanced Inventory Planning provides retailers significant benefits:
* Reduced inventory
* Reduced carrying costs
* Reduced operating costs through lower transportation and labor costs
* Increased revenue through reduced stock-outs and reduced markdowns
* Increased customer service through better product availability
* Increased inventory turns
"Retek AIP helps retailers minimize inventory while maximizing customer service and sales," said Duncan Angove, chief strategy officer at Retek. "By capitalizing on Retek`s scientific optimization and predictive engines and combining allocation and replenishment, Retek AIP offers a compelling solution for both push and pull merchandising strategies."
Retek AIP has successfully been implemented in pilot stores with a UK grocery chain and is being implemented at Wegman`s and Office Depot.
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.
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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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