What is Inventory Forecasting?

Inventory forecasting can be defined as predictive analytics that attempts to predict customer demand and optimise supply decisions.

There are a variety of reasons why inventory forecasting is beneficial for a business.  It can help companies reach their revenue goals and provides insights to let teams make informed forecasts.  In turn, these allow businesses to increase profitability as well as increasing efficiency and customer satisfaction.

Forecasting lets companies predict and develop solutions for their business.  These solutions are, ideally, bespoke to meet the needs of the business.

 

The Advantages of Inventory Forecasting

 

Less manual labour will improve your business.  Automation removes the element of human error and may even increase your staff morale as they will not be required to fulfil the mundane tasks.  Inventory forecasting will enable you to analyse trends and predict the supply chain.

 

Stock on the shelf is not profitable for a business.  It goes without saying that you won’t make money on stock that is not being sold.  Inventory forecasting will allow you to sustain a steady stream of stock and will minimise wastage.

 

Increase your profitability.  Inventory forecasting will increase your profitability as you will be able to see accurate data reports.  This will allow you to make informed business decisions based on real data.

 

Quality & satisfaction levels.  Having the right forecasting practice enables customers and suppliers the satisfaction you need for success, growth, and resupply.

 

Gain the information you need.  Manage and track your inventory with software.  This allows you to – importantly – control your inventory.  As well as this you can monitor the status of your products, automate processes all while receiving real-time visibility of your stock levels.

 

Inventory control is vital in supply chain management.  Organising stock can be a bug-bearing job for staff.  Automated inventory control allows you to organise stock by various categories of information.  This can include product types and serial numbers.

 

 

At Cofficient, we can take these advantages and ensure that your complex business issues are resolved with one simple platform solution.  This can prevent errors and miscommunications as all departments can work in alignment on one solution.

Get in touch with us today and start your journey to automation.