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An Overlooked Improvement Opportunity in Retail

Black Belts could use predictive analytics to transform the convenience store industry

Akhilesh Gulati
Tue, 07/21/2015 - 13:52
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Convenience stores are located on most street corners the world over. These small enterprises offer customers a wide variety of items and often have gas pumps outside as well. Considering how long convenience stores have been around and the quantity of items they carry, you’d expect them to use some type of software to keep track of all of their inventory. However, that's not always the case.

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Many of these stores use point-of-sales systems to ensure correct pricing for products sold and to track sales taxes, and provide end-of-day and monthly accounting reports. Often these systems are integrated with various payment modes. Larger stores also use their systems to track inventory and manage their respective supply chains. Why smaller convenience stores don’t do the same, given the declining cost of technology and the the availability of inexpensive data capture tools, is surprising. 

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