Accurate Inventory All the Time

Inventory forecasting software gives you an accurate insight to what your consumers are going to want in the future. You can prepare to meet this upcoming demand, and see the benefits roll in. Learn more in this article. 

If you were to ask a mother what her favorite thing is about her child, it’s highly likely she would have a plethora of answers. Similarly, if you were to ask what the benefits of inventory forecasting software are, the list of potential answers is long. 

While there are countless benefits that come with inventory planning software, this article will cover just 3. This very brief introduction to positive effects of inventory management software will cover benefits in warehouse operations, customer satisfaction, and financial growth. 

What is inventory forecasting software?

Inventory forecasting software is a powerful tool used by business who sell products and/or services. This could be any number of business type. You might sell hamburgers and fries, engine motors, clothing, or even have a store full of hundreds of different products, like Walmart. 

Regardless of the actual product, you have inventory. It’s a given that if you have inventory, you have customers who buy what you’re selling. Inventory forecasting allows you to know what your consumers are going to want before they want it. 

You might think you’re going to sell the same amount this June as you did last June. However, using many different data types forecasting software is able to accurately predict what your sales will be. Why would you be interested in this tool?

Well, while you might think your industry experience is enough to plan for future sales, it’s not. There are always outside factors changing the market that need to be accounted for. With hundreds of advanced algorithms, this software produces reliable forecasts to use in your planning. 

Warehouse Operations

It’s no secret that warehouse workers are exhausted and frequently overworked. Warehouses can quickly become a sea of disaster, and that can prove to be a real hinderance to your success. Your warehouse is where your products often make their final leg to the arms of stores and consumers. It’s important for operations to be as reliably smooth as possible. 

Rather than dealing with inventory inaccuracies that create overstock and stockout situations for your workers to handle, inventory planning software allows you to have your shelves full of product that’s going to sell. No more shoving things around to make work. No more “checking the back” to see if you have any extra product in the way. Your inventory can be accurate every time. 

Customer Satisfaction 

A happy customer is what you want, right? Right. It’s easy for customers to have a bad experience, and once they’ve had a bad experience it’s hard to change their negative mindset. Your success revolves around the activities of your customers, so it’s smart to stay on their good side. 

How does it feel when you make a trip to the store only to find out they’re out of the item you want? It sucks! Well, that doesn’t happen if inventory forecasting software is implemented effectively. Use this tool to keep happy customers!

Financial Growth 

When you know what’s going to sell, you won’t lose money on extra product or lost sales. This will help you make more money! Who doesn’t want to make more? I’d argue no one. If you want to make more money, get your hands on the best inventory forecasting software. 

There are many software options available today, so it’s important for you to do research and find the right fit for your specific needs. If you’re interested in learning more about out software solutions, please find out more about our products at avercast.com. 

4 Areas Sure to Improve with Demand Planning

 What is demand planning?

Demand planning is the process of predicting what future consumer demand will be, and then planning how to effectively meet that demand. Businesses benefit from demand planning in multiple areas. Procurement, inventory accuracy, warehouse operations, employment requirements, delivery, customer satisfaction, and more can all be improved with effective demand planning tools.

With the current stream of constant supply chain interruptions along with the holidays quickly approaching, Amazon has been making every effort to ensure satisfied customers. There is evidence of supply chain complications all around. It’s becoming increasingly more difficult to adequately restock shelves, ports are backed up, products remain in shipping containers waiting to be unloaded, there’s a shortage of delivery drivers, and this is just the tip of the iceberg.

The current supply chain conditions are no secret, and businesses are frantically trying to adapt to still have whatever amount of success they can. In this time of confusion, one thing we can be sure of is that the holidays are quickly approaching.

 

What is Amazon doing?

It’s been predicted that it’s going to be a challenge for consumers to get popular items in time for Christmas. With effective demand planning and forecasting, Amazon has been able to put some productive and helpful practices in place. They’ve really been trying to beef up their operations. Amazon has done this by expanding in multiple areas including aircrafts, ships, buildings, delivery, and more. Doing this has caused them to need more employees. As you know, there’s an unending list of factors that affect supply chain. With effective demand planning software, Amazon is able to do all they can to prepare for upcoming demand.

 

Amazon has 800 delivery stations, 260,000 flex drivers (drivers who use their own vehicles), 150,000 seasonal workers, over 50,000 trailers, and they will soon have 85 aircrafts. They have been taking action to ensure they have reliable relationships with ocean freight carriers. Amazon currently offers faster than same-day delivery in 15 metropolitan areas. They have strong relationships with their network to enable flexibility and ensure operational fulfillment. Amazon is able to make these productive preparations due to supply chain demand planning.

 

How Can it Help You?

Here are some brief explanations of how demand planning tools are sure to improve your company’s operations.

Procurement – demand planning software gives you insight into what your consumers are going to want. This allows you to manufacture and order the correct amounts of the different products you sell.

Inventory – if you use demand planning tools effectively, you’ll only have the inventory that you need. You won’t have to store an abundance of overstocked products, which will greatly improve the functionality of your warehouse. Additionally, you won’t experience stockout situations, which will lessen the chaos of order fulfilment that occurs in most warehouses.

Finances – as explained above, inventory accuracy leads to less overstock and stockout situations. Excess products cost you, as do lost sales due to inventory shortages. So many areas of your business can improve with demand planning and forecasting, and these improvements will save you money and increase your revenue.

Marketing – with the insight of what products are going to be in demand, your marketing department is given a clear path of what direction to take advertisements and promotions. Not only can you promote products you know are going to be popular, but forecasts allow you to productively strategize your marketing campaigns.

These are just a few areas that can be benefited if you use demand planning solutions. Your company will be strengthened and grow in many additional areas as well.

If you want to successfully meet consumer demand this holiday season, or at any time really, it’s necessary for you to find the best demand planning software for your company. There are multiple options available, but you should find the software that’s the best fit for the specific needs of your business.