Inventory forecasting is a critical part of keeping your business functioning smoothly. With supply chains currently struggling to keep up with demand and consumer needs changing on a regular basis, many companies are struggling to keep their products on the shelves. Accurate inventory forecasting, however, can help you determine what products you will most likely need to have on hand and whether you will have adequate stock. Acumatica could be the solution you need for your inventory forecasting needs.
1. Use Built-In Algorithms to Calculate Your Usual Stock Needs
With the library of algorithms in Acumatica, you can quickly calculate your usual stock needs, including information like the minimum amount of any item that you need to have on hand, the maximum number of that item you want to keep on the shelves or in your back room, and how regularly you usually need to replenish your stock. With Acumatica, inventory forecasting is as simple as selecting the algorithm and entering your data. You won’t have to worry about figuring out the specific algorithm on your own. Instead, the system can manage the math for you–which can make it much easier to ensure that you have the inventory you need on hand at any given time, without the need to go through complicated calculations.
2. Make Changes Based on Special Events and Specific Needs
During the holidays, special seasons, or major events, you may need to increase the inventory you have on hand. Many solutions don’t offer that option. The smoothing logic in Acumatica, however, will allow you to easily forecast the inventory that you’ll need for specific events, have the right stock on hand, and improve your inventory management so that you can sail through the event with little trouble. Then, you can return to your normally scheduled inventory management without creating so much as a hitch in your plans.
Do you struggle to keep up with inventory during your biggest shopping seasons, including the back-to-school season, the holidays, or peak times like summer vacation? Not only can Acumatica incorporate the changes that will allow you to keep up with inventory during those more difficult times, but it will also easily swap back to your usual ordering standards when the event is over.
You won’t have to worry about unused inventory sitting on your shelves long after the holiday, season, or event is over because you forgot to change up your orders. Equally important, you can easily adapt to the overall seasonal changes in your inventory and change things around as needed so that you always have the right inventory on hand.
3. Incorporate Information Directly from Your Suppliers
You may have information coming directly from your suppliers that determines the minimums of a particular item that you have to order to maintain your supplier relationship. With Acumatica, you can incorporate that information directly into your inventory management system, which means that you won’t inadvertently miss an order and face the penalties associated with it. Acumatica can also keep track of information like the minimum number of units you can order from a supplier at a time, the size of each unit, and other key details that your supplier provides as you enter a relationship with them.
4. Incorporate New Information as It Comes Your Way
With the latest changes in delivery times and difficulty getting orders across the country, many suppliers are suffering from increased wait times when it comes time to get their goods in the hands of their sellers. Unanticipated delays could leave your shelves sitting empty–and your customers dissatisfied. With Acumatica, however, you can adapt your inventory management algorithms as new information comes your way, which can put you in a better position to manage the changing needs of your business.
Is one of your suppliers struggling to get shipments out on time? You can program that into the system so that you know you need to order earlier, which can prevent barren spots on your shelves while you wait out supplier delays. Are shipping delays across the country interfering more with your farthest-flung suppliers? You can add those notes to your system so that you know when you need to place those vital orders. With inventory forecasting, you can even keep up with potential future needs so that you won’t run short between deliveries.
5. Automate the Process so That You Can Spend More Time Dealing with the Other Tasks on Your Plate
With Acumatica, you can automate your ordering process so that you will always know what you need to order next–and when you need to put that order in. You can have the established order already generated and ready to go as soon as the system identifies specific needs. As a result, you can spend more time on the other details of managing your business. You can even trigger replenishment automatically, send out purchase orders to where they need to go, and get back to the other important tasks on your plate. Acumatica makes managing your supply needs simple.
6. Keep Up with All the Important Details of Your Order in One Place
Often, you may want to use specific elements to control your orders–or you may need to know what’s coming from your suppliers so that you can make space for it. Acumatica can help keep up with all your inventory forecasting needs, from the specific units you need to the weight of those units. It can also keep up with price breaks, the type of containers used to ship the goods you need, and more. If there are key details that you need, Acumatica can help you keep them at your fingertips–and, with a single-click ordering wizard, keep up with your usual preferences as part of your order.
Inventory forecasting can help keep you on the top of everything in your business, especially when it comes to ensuring that you can meet client demands. Contact us today to learn more about Acumatica and how it can help transform the inventory forecasting process for your business.
