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Topic: demand forecasting

The Importance of Sales Reporting to Successful Inventory Control

Every retail, eCommerce or business owner should be familiar with financial reports because they are dictated by legislation and require the disclosure of financial results. These reports are usually released quarterly or annually and include the Balance Sheet, Income Statement, Cash Flow Statement and Statement of Changes in Equity of the organisa ... Read More

  August 29, 2019     

Understanding More About the Probabilistic Inventory Model

Try saying ‘probabilistic’ three times fast. It’s a bit of a mouthful. However, it’s more than just a tongue-twister, it’s a great tool for predicting inventory needs. The root of probabilistic is probability and that’s exactly what the probabilistic model is based on — probability. So I bet you’re wondering how probability will hel ... Read More

  June 11, 2019     

Making Smarter Merchandising Decisions with Better Inventory Management

Selecting the appropriate types and quantities of merchandise for your business can be a real challenge, especially as your business begins to grow. Managing your inventory well can help take the guesswork out of purchasing decisions, and lead to more profitability and less wastage. In this article, we explore how business owners and inventory mana ... Read More

  April 20, 2019     

How to Prepare Your Business for the Peak Season

The peak season can be an exciting and rewarding time for business owners, with the promise of a drastic increase in sales. However, it can also be a stressful time that requires a lot of planning ahead, and possibly even some new hires to help manage the influx of customers. In this article, we outline […] ... Read More

  January 29, 2019     

How Businesses Can Improve Forecasting Before the Peak Season

Accurate forecasting is a key factor contributing to the success of any business. By making accurate predictions about future sales trends, businesses can ensure stock levels align accurately with supply and demand fluctuations to ensure optimum efficiency. However, forecasting accurately can be a difficult task, especially in the build-up to peak ... Read More

  December 28, 2018     

Greater Inventory Control Begins with Demand Forecasting

Effective inventory control Maintaining inventory control is a mammoth task and healthy inventory levels are a necessary part of matching inventory stock with anticipated demand. Effective inventory control can be achieved by consolidating inventory processes into a single integrated system. A great inventory management system will be transparent a ... Read More

  October 27, 2018     

Why is Demand Forecasting the Way to Go?

As discussed in this article, demand forecasting is a seemingly straightforward concept to grasp yet can be difficult to achieve with 100% accuracy. However, making it a focus of company operations is certainly worth the effort. In this article, let us consider some benefits of demand forecasting. The customer experience It stands to reason that [& ... Read More

  October 24, 2018     

Wrapping Your Head Around Unconstrained and Constrained Forecasting

Forecasting plays a significant role in the sales and operational planning (S&OP) of a company; it can underpin the strategy for how a company runs their business. It serves as an important process to project, balance and look after supply and demand. Ultimately, S&OP can help a company reach their goals and help them get […] ... Read More

  October 20, 2018     

Your Comprehensive Demand Forecasting Guide

Consumers around the globe are changing their shopping habits and retailers must constantly respond to shifts in consumer demand. Supply chains are more multi-faceted than ever – materials to make one product may come from multiple countries; imports and exports are sent around the world in just about every kind of vessel you can imagine; [&h ... Read More

  October 20, 2018     

Accurate Inventory Forecasting, No Crystal Ball Needed

Anticipating future demand is a tough job, wrought with ways you might go wrong. Proper demand forecasting and inventory control can save a company from buying too much or too little of something, which of course avoids expensive overstock scenarios or stockouts. What is demand forecasting? Demand forecasting predicts what customers will buy, how m ... Read More

  October 18, 2018     

Unconstrained vs. Constrained Forecasting: Balancing Commercial Dreams with Reality

A company’s inventory is a significant asset on their books, however, if frequent shortages or excess happens, it can become a significant liability, costing the business’ bottom line. It is imperative to manage inventory appropriately so that supply and demand are always balanced. However, all the inventory management techniques and softwa ... Read More

  October 16, 2018     

Improve Your Inventory Control with Demand Forecasting

Demand forecasting and planning sounds like a complex task requiring input from a team of accountants and economists but, in reality, it’s an easy way to improve your inventory control. In simple terms, demand forecasting uses supply chain information to plan the levels of stock needed to meet expected demand which gives greater inventory con ... Read More

  October 15, 2018     

What You Need to Know About Demand Forecasting

Demand forecasting is the process of estimating the number of products that customers will be willing to purchase in the future. It involves leveraging data and analytics about your product and the market to closely predict customer demand over a particular time frame. It’s a crucial aspect for many companies and inherent in more reliable [&h ... Read More

  October 12, 2018     

How Smarter Businesses Plan to Forecast Demand

When many businesses forecast demand, even the most studious companies will not get it 100 percent accurate, instead of perfection, the focus should be on minimising errors. Planning is one of the core functions of supply chain management that can help minimise errors and thus increase the accuracy of forecasting demand. Understanding and predictin ... Read More

  October 10, 2018     

Demand Forecast: Constrained or Unconstrained?

An unconstrained demand forecast might seem over optimistic, but for a business to take full advantage of market growth opportunities it is essential to dream big. Particularly for companies using online inventory management systems, it’s easy to create both constrained and unconstrained demand forecasts that each represent valuable snapshots of ... Read More

  October 9, 2018     

Why You Need to Get Demand Forecasting Right

An accurate demand forecast is essential for good inventory management so it is vital that business owners get it right. In this article, we explain why demand forecasting is so important, and provide a few tips and tricks on how to get it right. Back to the basics Demand forecasting is the process of using […] ... Read More

  October 8, 2018     

The Value of Demand Forecasting

Demand forecasting is tricky to get exactly right but there are ways to increase your forecast accuracy. A more accurate forecast can benefit manufacturers, distributors and retailers alike. It can support the supply chain and help suppliers along the product journey deliver results to their customers more effectively. Essentially, demand forecasti ... Read More

  October 4, 2018     

Inventory control and inventory management – two different things?

Inventory control and inventory management are often used interchangeably. Though they have similar scopes, there are some important distinctions to make. Inventory control is a method of regulating the inventory you have on hand in your warehouse. On the other hand, inventory management is the activity of forecasting and replenishing inventory, fo ... Read More

  October 30, 2017     

Why Is Safety Stock Important?

Safety stock is a term commonly used to describe a certain amount of inventory kept by a business in reserve, to protect against unforeseen events such as spikes in demand or supply shortages. Most businesses employ some kind of minimum level of stock in this way. The principal goal of safety stock is to ensure that there is sufficient product a ... Read More

  November 4, 2015     

Inventory Management Software: A necessity for business growth

A business that aims to scale successfully for growth needs to be able to meet the versatile demands of handling their inventory effectively. As a business expands the level of complexity and challenges for its most critical operations increase, too. Relying on outdated and ineffective systems to manage burgeoning inventory demands will not only ... Read More

  September 9, 2015