Compared to few years back we are now in an ever changing business world on real time basis and to this fast changing dynamic world even retail chain stores from hyper markets to smaller retail stores & manufacturing companies have implemented sales & inventory forecasting software for quick and easy forecast either web or desktop based. Most of these forecasting software’s are developed with all the modern statistical forecasting techniques with features as inventory in hand, forecasting inventory required, scalability, stock level alerts & minimum customization.
But what’s the next level of forecasting for more accurate inventory levels?
- Anticipating the unexpected – Few of the larger retail chains around the world have customized their inventory forecasting models with anticipating unexpected and alternatively have incorporated solutions in forecasting software. But what about the same features availability for small to medium size retail stores. If yes at what cost?
- Collaborate with suppliers in sales, planning and inventory forecast – In today’s scenario it’s impossible for any manufacturer to manufacture all the items they require and the same has been outsourced to suppliers. Does your inventory planning software consider suppliers inventory too for your organizations inventory forecast? If not include them
- Include your customers in planning your sales & forecasting inventory – All types of retail stores and manufacturing organization have loyal customers with regular purchase patterns. Can your inventory forecasting software include your customer’s future requirements by understanding their purchase patterns? If yes then your forecasting software is ahead of it’s time
All the sales & inventory forecasting software’s currently available in the market do have forecasting sales & inventory capability confined to internal organizations inputs* only. If these software’s are included with all the next level forecasting inputs at affordable prices then it would change the way forecasting in done by collaborating with partners, suppliers & customer’s on real time basis.