NASHVILLE — Global leading transport and logistics provider GEODIS announced it has been selected as the winner of the “Inventory Management Innovation of the Year” award in the inaugural SupplyTech Breakthrough Awards program conducted by SupplyTech Breakthrough, a leading independent market intelligence organization that evaluates and recognizes standout technology companies, products and services in the supply chain technology and logistics industry. GEODIS was recognized for its advanced approach to inventory counting: Predictive Analytics Cycle Counting (PACC).
SupplyTech Breakthrough Awards 2022
Cycle counting is a process where a set of selected items of inventory are counted on a specified day, eliminating the need to count all inventory items at year’s end and enabling companies to maintain a more accurate inventory balance. However, because the process can be tedious, GEODIS developed an innovative solution called PACC that uses historical client inventory data and algorithms to predict and prioritize inventory counts. Predictive analytics help ensure that assets are managed efficiently and save time. With PACC, GEODIS allows operations to keep track of inventory in real-time with accurate numbers and simplify stock counting while increasing inventory reliability, reducing labor cost and improving operational performance.
“Cycle counting is an incredibly time-consuming process that is complex to manage, however, using AI for predictive analytics is a key factor to solving these issues and remaining competitive in today’s market,” said Pal Narayanan, Executive Vice President and Chief Information Officer at GEODIS in Americas. “There is huge value in data, if properly analyzed with actionable takeaways. At GEODIS, we believe the relationship with the customer is crucial in creating that value as we work together to implement PACC. Cycle counting is a key process for inventory management. Guided by data, we believe that predictive analytics has become an invaluable tool to improving the process. The recognition from SupplyTech Breakthrough validates the IT solutions we are developing each day—such as PACC—that are helping solve some of the industry’s biggest challenges today.”
The solution from GEODIS delivers time savings with a fully automated plug and play solution, flexibility to optimize time and resources as inventories can be carried out at any time, ensured safety of people and goods, and reduced risk of error through automation. With PACC, GEODIS is adopting AI to solve inventory and consumer demand problems while also improving warehouse operations beyond what can be achieved by human intelligence alone. GEODIS was recognized from a pool of 1,200 total applicants from over 15 different countries throughout the world.
“3PLs use cycle counting to ensure accurate stock levels, prioritizing and checking inventory against WMS data,” said Bryan Vaughn, Managing Director of SupplyTech Breakthrough Awards. “It is basically checks and balances to ensure physical inventory counts match inventory records. However, standard cycle counting has issues: substantial workforce effort, delays identifying and resolving errors, and infrequent checking of fast-moving inventory. PACC reduces IC effort, identifies root causes earlier, maintains a more accurate inventory, and delivers significant benefits for clients. This advanced approach from GEODIS is an innovative and robust solution that delivers immediate benefits.”
GEODIS – www.geodis.com
GEODIS is a global leading transport and logistics provider recognized for its commitment to helping clients overcome their logistical constraints. GEODIS’ growth-focused offerings (Supply Chain Optimization, Freight Forwarding, Contract Logistics, Distribution & Express, and Road Transport), coupled with the company’s truly global reach thanks to a global network spanning nearly 170 countries, is reflected by its top business rankings: no. 1 in France and no. 7 worldwide. GEODIS employs over 44,000 people globally and generated €10.9 billion in revenue in 2021.
SupplyTech Breakthrough – www.supplytechbreakthrough.com
Part of the Tech Breakthrough organization, a leading global provider of market intelligence and recognition platforms for technology innovation and leadership, the SupplyTech Breakthrough Awards program is devoted to honoring innovation and market disruption in supply chain & logistics technologies, services, companies and products around the world. The annual SupplyTech Breakthrough Awards provide public recognition for the achievements of SupplyTech companies and products in categories including Inventory Management, Supply Chain Visibility, Transportation Management, Material Handling, IoT and Robotics, and more. For more information, visit SupplyTechBreakthrough.com.