You need to forecast inventory with the right software. How do you get started?

Applying ABC-XYZ Analysis is one of the secret keys that improve the forecasting as it looks into the Product from 2 perspective (Demand consumption & Demand Fluctuations) Such as technique increases the accuracy of forecasting (decrease the error) and maintain a healthy Safety stock All that increase the Cash Conversion Cycle So we got a healthy cash flow

A Zilor Biorigin está na vanguarda da inova??o em gerenciamento de inventários, adotando o ERP SAP Fiori para desenvolver um cockpit avan?ado. Este sistema auxilia analistas de materiais nas decis?es de ressuprimento, integrando previs?es precisas e visualiza??es intuitivas. Planejamos expandir essa eficiência operacional através da implementa??o de RPA (Automa??o Robótica de Processos) para a reposi??o automatizada de materiais com fornecedores estáveis, respeitando o tempo de ressuprimento. Essa estratégia assegura um inventário otimizado em tempo real, garantindo agilidade e precis?o inigualáveis na cadeia de suprimentos. Este compromisso prop?e um futuro onde a Zilor Biorigin redefine os padr?es de Gest?o de Materiais.

Inventory Management is not as simple as selecting any WMS software. It is important to study the requirements. Is this for a trader who deals in limited products or a manufacturer who needs the numbers for each type of raw materials and finished goods to include damaged, defective or waste materials or for a finished product client with an e-commerce portal with provisions for returns. Once this is identified, better to work an excel worksheet or a dash board to get the reports at the click of a button. This information of what is the starting data and what you need as the dynamic report will enable the IT team to write the correct software or to select one from able with the necessary data. It should enable reports for each department.

To get started with forecasting inventory using the right software, follow these steps. 1. Define Your Objectives. 2. Gather Historical Data. 3. Choose Inventory Forecasting Software. 4. Data Cleaning and Preprocessing. 5. Set Forecasting Parameters. 6. Choose Forecasting Models. 7. Training the Model. 8. Validation and Testing. 9. Integrate with Other Systems. 10. Monitor and Refine. 11. Collaborate with Stakeholders. 12. Continuous Improvement. By following these steps, you can establish an effective inventory forecasting process using the right software, helping your business optimize inventory levels, reduce carrying costs, and improve overall supply chain efficiency.

I would always bank in historical data, unless we really have good accurate forward looking forecast. Historical shows the seasonality and trends, if the business is going through growth then the historical data can also be used while a magnifier can be applied to try and predict the forecast.

Excel sheet can greatly support forecasting inventory, SAP Analytics Cloud... But what is the value of the best software without a trained team? So the team should be well-trained and ensure a great collaboration between the Finance, Sales, and procurement teams.

1. Assess Your Needs: Determine the specific requirements for your inventory forecasting, such as the type of products, volume, and frequency of forecasting. Consider whether you need features like demand forecasting, seasonality analysis, inventory optimization, and integration with other systems. 2. Research Available Options: Explore the market to identify various inventory forecasting software solutions. Look for vendors with a strong reputation, experience in your industry, and positive customer reviews. 3. Evaluate Features and Functionality: Assess the features and functionality offered by each software solution against your

Para iniciar el pronóstico de inventario con eficacia, elija cuidadosamente su software de pronóstico. Evalúe opciones que se alineen con las necesidades específicas de su empresa, considerando factores como la complejidad del inventario, integración con otros sistemas y capacidades de análisis predictivo. Asegúrese de que el software seleccionado ofrezca funcionalidades como seguimiento en tiempo real, actualizaciones automáticas y herramientas de ajuste. Al invertir en el software adecuado, no solo facilita la predicción precisa de la demanda, sino que también optimiza la gestión de inventarios, mejorando la eficiencia operativa y reduciendo los costos asociados con excedentes o escaseces de productos.

I would like a combination between SAP Analylist and Tableau. Using both will provide more accuracy results including Seasonal analysis.

It depends on the complexity of the inventory to be managed. Excel sheet would do the trick for some level of inventory management but if the inventory is diverse and the combination is variant, then a specialized app/site should be used i.e. SAP, Maximo …etc

Long term forecast is always challenging when short term forecast is more accurate. To overcome this, trend analysis of past data is crucial and implementation of seasonality plays a vital role. Seasonality can be achieved from previous trend or from the forecast data. This should be ended up with a proper adjustment of analyzing the variance. Altogether these consideration can make a successful implementation of forecasting process.

El proceso es el tema central, en base a este se selecciona el software y él elige el modelo adecuado en base al comportamiento "expost" del MAPE y el MAD. Se debe construir un proceso dinámico que se alimente de la información del desempe?o y de los cambios en el entorno en donde participe la menor cantidad de personas posibles, solo aquellos que tengan algo que agregar, y permita dedicar tiempo al análisis de los resultados y no a la preparación de datos o validación del modelo. Por principio todo pronóstico tiene un error y este debe estar en limites razonable, usar el tracking signal, en función de las variaciones y lo niveles de servicios deseados se definen los inventarios.

Al comenzar a pronosticar inventario con el software adecuado, la implementación del proceso es crucial. Configure el software según las necesidades específicas de su empresa, ingresando datos históricos, estableciendo parámetros de pronóstico y definiendo umbrales de alerta. Asegúrese de capacitar al personal para comprender y utilizar eficientemente el sistema. Monitoree y ajuste regularmente el proceso según la evolución de la demanda y los cambios en el mercado. La implementación efectiva del software de pronóstico garantiza una gestión proactiva del inventario, mejorando la eficiencia operativa y permitiendo adaptaciones ágiles a las fluctuaciones del mercado

Forecasting accurately although is very difficult but you should consider below 3 points in order to correct forecast 1. Customer understanding is most important point when you do Forecasting you should make your customer partner 2. Forecasting is mostly done by analysing the historical data so data accuracy is must and also you also have to be very vigilant on ongoing events to increase the forecasting accuracy 3 Most important part is financial impact so you have to work on JIT system in order to avoid the extra inventory keep the cycle in proper loop so no inventory should be aged and also have minimal impact on finance

There is no unique answer because every organization will have their own reason to look at a tool. So, the most important things to look at: - Where you are right, how do you your forecast -what's working and what is not- who is implicated into this process and who is not - Where do you want to go from there thanks to a tool, what are your goals with this implementation Once you have this view on your current process and on your roadmap, you can actually start browsing and looking for a tool thanks to the key functionalities you need.

Selecting software and methods to aid in inventory forecasting is important, but ensuring accurate and timely data inputs is equally crucial. The adage "garbage in, garbage out" holds true regardless of the chosen software. Maintaining the integrity of input data is vital for generating reliable forecasts. By prioritizing accurate and timely data inputs, businesses can enhance the effectiveness of their inventory forecasting efforts, leading to improved decision-making and optimized inventory management.

Getting accurate forecasts has become harder and harder. We live in a much more uncertain world. More than aim for a more accurate forecast, we should take into account the variability in our inventory model, beyond the old statistical safety stock. Relatively recent developments, like demand-driven planning, have shown that dynamic buffers can protect the service level while keeping cost down.

No debe olvidar valorizar correctamente a sus inventarios, teniendo claro cuál es el costo de oportunidad del dinero invertido y el costo de quedarse sin stock, considerando clientes que pueden perderse y porciones de mercado que puede ganar nuestra competencia. Estos elementos son difíciles de calcular pero van a ser claves para poder dimensionar nuestros inventarios correctamente.

La première chose à prendre en compte est la Stratégie de l'entreprise et sa déclinaison dans : - la Structuration de la Gestion : Principes & Méthodes retenus. - l'Organisation qui en résulte : Procédures et Outils. Comme indiqué ci-dessus, les outils (dont les logiciels) viennent en dernier dans le processus de Maitrise des Flux.

The projection and forecast of the total inventory value (stock + work in progress) is definitely a significant figure for projecting the final economic and financial outcome of a business. Starting from the backlog and the end forecast, the cost of goods sold must be valued, which will be subtracted from the current total inventory value to which purchases already ordered that will enter within the analysis period are added, along with forecasted purchases that will likewise be delivered. Although it seems simple, it is difficult to refine. The more this model is repeatable and stable, the more scenarios can be assessed, and the more it yields a reliable and accurate value.