Inventory Demand Forecasting
Why use AI Inventory Demand Forecasting
As a small or large company, manufacturer or distributor and selling online or in the stores, inventory demand forecasting software is the key that will give you clear and actionable predictions using an AI-based sales forecast. This can be used to improve company cash flow by decreasing excess inventory levels.
The demand forecasting platform also helps business to improve supply chain efficiency by forecasting sales and reorder quantities so the company can serve all customers without any delay and without the need to boost marketing campaigns to cover excess stock.
Did you know that accurate sales forecasting can help businesses to reduce their on-hand stock by 30% and simultaneously increase revenue due to stock availability by up to 8%? So if the company’s yearly revenue is €10M and the product stock value is €2M, the company can increase revenue by about €800k while reducing their capital locked up in inventory by €600k per year.
iERP Solution and Use Cases
iERP prediction software is a simple-to-use sales prediction platform for business users. It is continuously self-learning with automatic selection of the most accurate forecasting method based on data quality and without the need of any knowledge of AI or data science. Automatic plugin of external indicators like weather, economic indicators or COVID-19 business risks is further improving the accuracy of the forecast. Actionable results can be reviewed in the application; they can be exported in Excel files or reviewed directly in an ERP/CRM system.
- Sales forecasting on monthly, weekly or daily bases with external indicator considerations (weather, economic indicators, COVID-19 business risk factor).
- Overstocked products identification.
- Out-of-stock products prediction.
- Purchasing and manufacturing recommendations on procurement and production planning.
- Sales vs. realistic forecast prediction based on committed purchase and work orders.
- Built-in business intelligence, exporting results in Excel or integration via API.
- Ability to generate sales forecast for newly added product.
- Market intelligence adjustments to reflect unexpected market changes in forecast.
Benefits of Inventory Forecasting
- Save on working capital by reducing on-hand product quantity locked in your stock rooms up to 30%.
- Reduce the costs of unsold goods by precise planning of production.
- Prepare more precise budgets and sales forecasts.
- Develop your pricing and promotions strategy using on-demand data.
- Accurate predictions with machine learning and additional parameters like COVID-19, weather and economic indicators.
iERP’s mission is to provide an end-to-end business prediction platform with modules that address multiple business scenarios and ZERO required knowledge of artificial intelligence or machine learning technologies.
We are helping companies to predict sales and inventory demands, what their customers are going to purchase next, or identify customers that are going to be late with the payment.