Inventory Forecasting

Forecast inventory stock levels.

Calculate the magical balance of minimal inventory to manage safety stock levels and meet fluctuating customer demand.

Advanced Management Tools

Optimizing stock levels can be challenging if products vary dramatically based on the time of the year or if the life cycle of product varies substantially. The advanced inventory management tools incorporates some of today's most advanced inventory management methods.

Benefits of this utility:

  • Reduce the total amount of inventory without losing sales by more accurately predicting proper inventory levels
  • Determine inventory levels rather than manually entering minimum and maximum inventory amounts
  • Focus on the inventory items that have the greatest effect on managing inventory levels. Managing the top 5% of most popular inventory items may improve the inventory turnover by 50% or more.

Forecast Inventory Levels

Let the Advanced Inventory Utility estimate Inventory Levels using any of the following options:

  • Seasonal - Use this option for seasonal items. This option will adjust minimums and maximums when sales fluctuate based on the time of the year.
  • Linear - Use this option if the sale of item tends to increase or decrease in a linear fashion. This method should be used when items increase or decrease in a consistent manner and do not fluctuate in a seasonal manner
  • Average - Select this option if sales are somewhat consistent during the sales life of the product. This method calculates the minimum and maximum values based on the average sales in history.
  • Best Fit - (RECOMMENDED) By selecting this option the system determines the best Prediction Type based on the sales history. The system will try to predict the amount of sales for the past few months using each one of the models listed above. The prediction results for each type is compared to the actual sales in the past period to determine the best fit. The Best Fit option should be used unless the user wishes to restrict the automated calculation process.
  • No Prediction - Select this option to disable the automatic setting and manually set the minimum and maximum values. This option disables the automated feature.
Inventory Management

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