Features to Look in an Inventory Planning Software

The world of the internet has changed drastically over the last few years. Its lower rates have increased the accessibility of internet-related services, and now they have picked up the pace. Especially in e-commerce businesses today, a buyer can buy any product anywhere in the world, and the product will be delivered to their doorstep. The reason behind this prompt delivery is efficient supply chain management and accurate inventory planning.

Inventory has always been the linchpin of a successful supply chain. A precisely managed inventory always supports the supply chain in a coherent operation. Realizing the importance of adequate inventory, businesses have started using Inventory planning software powered by cutting-edge technologies. The leading Inventory Planning software comes enveloped with Inventory planning and forecasting tools. This tool helps companies forecast inventory and based on it, be ready with a plan to meet the demand.

However, one crucial question always arises: how to choose the best Inventory Planning software with the best inventory planning tools. The dilemma is evident as numerous options are available in the marketplace, so how to choose the right one? In the beginning, you can align your goals with the current inventory planning software, identify where you are lacking, and then narrow down accordingly. But what if you do not possess any software yet? How to decide which one is ideal for your business? What features of Inventory planning software will be right for you? And the questions keep coming and coming. Let’s settle the dilemma once and for all.

Here are the essential features of the right Inventory Planning Software:

1.      Real-Time Inventory Tracking: It must be at the top of the list. The software should tell you what you have and where exactly. A leading inventory planning software should allow you to keep track of all your inventory in real-time. The software should reflect it in real time if a product is sold. Also, it should provide you with the real-time value of your inventory. In other words, your inventory planning software must tell you the exact monetary value of your stock. The value should essentially be reflected separately for each warehouse. The software should support multiple currencies that will help the finance team quickly manage and identify inventory's actual value.

2.      Enables Automatic Alerts: The best Inventory Planning software should empower you with automated alerts for anything crucial, like stockouts. The primary purpose of the retail inventory planning software is to help you avoid stockouts. Thus, the software should automatically alert you and initiate the purchase order.

3.      Provides Control over Purchasing: As discussed in the last point, the software should initiate automatic purchase orders when required. It makes life easy for the Inventory planner. Also, the automated data fetching feature enhances the functionality of the software. It allows users to look at what they have currently and what it is worth and based on it, if needed, they can purchase ahead.

4.      Easily Integrated with Other Apps and ERPs: Integrating with ERPs and fetching data automatically reduces the wastage of time. Feeding data manually not only wastes time but also, the chances of accurate results decrease. A leading Inventory management software should easily integrate with other apps and ERPs.

5.      Accurate Demand Forecasting: The software must allow you to forecast your demand. Demand forecasting is an essential inventory planning process as it tells users how much more stock, they need to produce to fulfil the upcoming order. Inventory forecasting software should allow you to forecast demand accurately.

6.      Empowers Future Planning: The inventory planning software must enable you to forecast for the future and plan accordingly. One of the crucial factors for using this software is resolving all the bottlenecks before and having a smooth sales process. The software should allow you to use historical data, current trends, and external factors and, based on it, forecast and plan for the future.

7.      Multi-device Accessibility: One of the must-have features of the software is its accessibility. An ideal inventory planning software must not only be operational from one device, restricting smooth operations. The software must provide inventory planning tools that allow users to access it from anywhere they want.

8.      Efficient Reporting and Analytics: Besides accessibility, the software must provide various dashboards in support of reporting. Reporting is essential to track whether the team is on the right track and keeping up with the ultimate goal or not. Also, easy analytics allows users to understand what is going right and what are the areas of improvement. Not only that, but it should also tell you the buying pattern of the customers, your purchasing sequence, and more identifiable data.

By now, you are aware of the features you need to look at to set up just the ideal Inventory planning software. Don’t forget to check out the Inventory Planning software by Avercast, one of the best in the business. It encapsulates many features along with all the ones mentioned earlier.

Deciphering Demand Planning and Demand Forecasting

Predicting future demand based on past data and trends is called demand planning and forecasting. To make a reliable forecast, numerous other factors are taken into account beyond the initial input from demand planning software. Demand planning tools allow businesses to achieve greater order fulfillment, which increases customer satisfaction.

Let's say you are in charge of the supply chain for a company that has done all it can to create and sell a new product that has become a smash hit. Unfortunately, the prediction errors in the demand planning procedure for the product have resulted in a critically low stock level. That is a huge income potential you’re passing on.

Many businesses today are struggling because their managers place too much attention on demand forecasting without adequately implementing demand planning. Similarly, you can also face overstocking issues leading to customer dissatisfaction. Various industries are implementing demand planning systems, including healthcare, e-commerce, food and beverage, automobile, and retail.

Demand Planning relies on Demand Forecasting. So, what is the difference between them? Is there any software that can help you achieve both?

In this blog, we will try to solve your above queries.

Why is Demand Planning Important in Supply Chain?

Gains in efficiency, effectiveness and customer fulfilment are just some of the outcomes that may result from using the best Demand Planning Software. Predicting sales and preparing for surges in consumer demand is essential to running a profitable company and satisfying your clientele. A company's development, operations, and reputation may take a severe hit if proper planning is neglected. Inadequate preparation might result in lost business opportunities.

Maintaining the optimal inventory level to satisfy customer demand forecasts without running out or wasting resources on manufacturing and keeping excess inventory is the primary objective of Demand Planning Software.

Businesses need to consider where to look for consumer interest. The gathering of relevant data is essential for achieving this goal. Improved prediction accuracy and demand planning are both direct results of the widespread availability of real-time data made possible by modern machine learning. It also offers collaborative tools that make it easier for planners to communicate with one another and respond swiftly to changes in supply and demand.

What is Demand Forecasting?

The process of predicting future levels of demand is known as demand forecasting. Using demand forecasting software, you can now analyze past and present data representing consumer behavior and market patterns to predict future demand. Planners can provide an accurate demand forecast by analyzing sales, marketing, and consumer feedback data.

Demand forecasting may tap into other real-time resources like weather, available capacity, and other factors for an even more accurate consensus estimate that end-users can depend on. These projections may extend out a week, a month, a quarter, or even a year, with a known margin of error for each interval.

What is Demand Planning?

Demand forecasting is determining what is likely to occur, while demand planning is crucial to making that occurrence a reality. Applying this prediction in a way that optimizes efficiency and cost across the supply chain is the goal.

Demand Planning Software can help you get a proper idea of your inventory to place orders for raw materials, determine the optimal amount of stock to meet projected production rates, and arrange for the timely delivery of both raw materials and completed items.

Choose the Best Demand Planning and Forecasting Software for Your Business!

Avercast is the best demand forecasting software, allowing you to fully comprehend, anticipate, and plan product demand and inventory replenishment requirements. Our expert-level solutions for demand planning tools will assist you in avoiding stockout and overstock situations, allowing you to run more effectively with reduced inventory levels. Our top demand planning tools can help you traverse supply chain planning swiftly.

You may estimate the financial elements of meeting future demand with the help of the best Demand Planning Software. You can find ways to enhance sales and avoid stockouts.

Avercast Demand Planning Software is also helpful for forecasting, production scheduling, and stock management. Suppose you want to join a new market but don't have prior data; our demand planning tools can assist!

Our Demand Planning Software takes into account other data, such as sales data for related items, to make predictions about future demand. We ensure that businesses of all sizes may use our supply chain planning applications.

Avercast demand planning systems not only enable you to make predictions for an entire company but also allows you to make forecasts for specific subgroups and categories. This makes it simple to discover areas for improvement since forecasting through any key indicator is possible.

Most well-known enterprise resource planning (ERP) systems and BI platforms are compatible with our demand forecasting software. If you decide to switch the ERP software you use, our consultants can assist you in seamlessly integrating your data with the new platform. Our professionals are there to help you whenever you need it with the ERP integration via virtual sessions that are available 24*7.

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What are the Benefits of Demand Planning Software?

 

Demand planning software uses forecasts to make plans to productively meet the upcoming demand of your consumers.

There is a plethora of data used to create your forecasts. Previous sales records, consumer profiles, historical patterns, seasonal trends, and current market conditions are some examples of the type of data used in demand forecasting. This software produces predictions of what your demand is going to look like in the coming weeks, months, and even years.

Now that you have reliable forecasts, the planning can begin. Essentially, you’re given the ability to see the future, and with that comes many additional benefits. Supply chain demand planning software helps you make plans for ordering, distribution, warehouse operations, employment, marketing efforts, and more. Improving in these areas strengthens your company greatly.

Ordering

When you know the amount of demand you’re going to be faced with, you can prepare to meet it head on. You can make sure to have the right amount of product in stock, so you don’t have to deal with overstock or stock out situations.

Distribution

Demand planning software tells you what the demand is going to be in different locations. This allows you to keep product in stock where people are going to want it.

For example, have you ever been to gas station in the middle of nowhere, and somehow, they still have the drinks and snacks you were hoping to find? Demand planning software allows you to make sure items are in stock, in the right location, and at the right time.

Warehouse Operations

There are many moving parts in any warehouse. Inventory inaccuracy results in a negative ripple effect throughout your warehouse. As demand is accurately forecast and your inventory levels become more and more dependable, positive changes begin taking place in your warehouse.

Stocking becomes much less of a hassle as turnover rates improve. There won’t be large quantities of extra product that need to find space while the new product comes in as well. Also, complications due to inadequate inventory vanish. Order fulfillment will be timely and accurate, and this will in turn improve your customer relations as well.

Employment

Have you seen signs looking for “holiday help” or something of that sort? Big box stores, like Walmart, know they’re going to see a huge spike in demand around the holidays. Every year, these stores hire seasonal help to make sure they can provide for their customers.

Demand planning allows business to employ the amount of labor they need to operate effectively. No one wants to pay workers that aren’t needed, but also no one wants to be stuck with an insufficient number of workers. Demand Planning Software helps you know how much labor you need.

Marketing Efforts

When you’re aware of what and when products and services are going to be in demand, your marketing team has a reliable basis to go off. You can promote the products people want and ensure you make the forecast sales.

The best demand planning software will help your company in countless ways. If you want to see and plan for future demand, then you need to get your hands on some demand planning software.