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What technology can you use to improve inventory forecasting and replenishment?

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Inventory forecasting and replenishment are crucial processes for any business that deals with physical goods. They help you optimize your stock levels, avoid overstocking or understocking, and meet customer demand. However, they can also be challenging and time-consuming, especially if you rely on manual methods or outdated systems. Fortunately, there are various technologies that can help you improve your inventory forecasting and replenishment, such as:

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Charu Thomas

Founder @Ox | Forbes 30 Under 30
Craig Bennett

Director @ Centre Of Business | MBA, Digital Transformation, Global Experience
Carlos Diazgranados

Procurement, Sourcing and Supply Chain

1 Artificial intelligence

Artificial intelligence (AI) is the ability of machines to perform tasks that normally require human intelligence, such as learning, reasoning, and decision making. AI can help you improve your inventory forecasting and replenishment by analyzing large amounts of data, identifying patterns and trends, and generating accurate and timely predictions. For example, AI can help you forecast demand based on historical sales, seasonality, promotions, weather, and other factors. It can also help you replenish your inventory by suggesting optimal order quantities, frequencies, and timings, taking into account lead times, costs, and availability.

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Charu Thomas

Founder @Ox | Forbes 30 Under 30
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At Ox, we build Human Centered AI in order to enable frontline operators to be more efficient, empowered & engaged. Our technology fully automates manual decision making and distribution of work for operators.

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2 Internet of things

Internet of things (IoT) is the network of physical objects that are embedded with sensors, software, and other technologies that enable them to communicate and exchange data with other devices and systems. IoT can help you improve your inventory forecasting and replenishment by providing real-time visibility and control over your inventory. For example, IoT can help you track your inventory levels, locations, movements, and conditions using RFID tags, barcode scanners, GPS trackers, and smart shelves. It can also help you automate your inventory replenishment by triggering orders or alerts when your inventory reaches a certain threshold or deviates from the norm.

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Charu Thomas

Founder @Ox | Forbes 30 Under 30
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Human Centered Automation supports a number of devices including: smart glasses, watches, tablets, and mobile devices. We also deploy many types of scanners (long-range, equipment-mounted, etc).

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3 Cloud computing

Cloud computing is the delivery of computing services, such as servers, storage, databases, software, and analytics, over the internet. Cloud computing can help you improve your inventory forecasting and replenishment by offering scalability, flexibility, and cost-effectiveness. For example, cloud computing can help you store and access your inventory data from anywhere, anytime, and on any device. It can also help you integrate your inventory data with other sources, such as ERP, CRM, POS, and e-commerce platforms. It can also help you leverage cloud-based tools and applications that can enhance your inventory forecasting and replenishment capabilities.

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4 Machine learning

Machine learning is a branch of AI that enables machines to learn from data and improve their performance without explicit programming. Machine learning can help you improve your inventory forecasting and replenishment by adapting to changing conditions and improving over time. For example, machine learning can help you refine your inventory forecasting models by incorporating feedback and new information. It can also help you optimize your inventory replenishment strategies by testing different scenarios and outcomes.

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Charu Thomas

Founder @Ox | Forbes 30 Under 30
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Our Assisted Intelligence capability improves with real-time information on the floor. Today, we are powering billions of dollars of revenue for Fortune 500 enterprises, and all of this operational information is fed into our AI to improve new processes tomorrow.

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5 Data analytics

Data analytics is the process of collecting, processing, analyzing, and visualizing data to generate insights and support decision making. Data analytics can help you improve your inventory forecasting and replenishment by providing you with valuable information and recommendations. For example, data analytics can help you measure and monitor your inventory performance indicators, such as turnover rate, fill rate, service level, and inventory accuracy. It can also help you identify and address your inventory issues, such as excess inventory, stockouts, obsolescence, and shrinkage.

By using these technologies, you can improve your inventory forecasting and replenishment and achieve better results for your business. You can increase your sales, customer satisfaction, and profitability, while reducing your inventory costs, risks, and waste.

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Craig Bennett

Director @ Centre Of Business | MBA, Digital Transformation, Global Experience
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In managing inventory, I like to start with the basics: make sure your supply chain goals match your business aims. Focus on the improving the quality of data that impacts inventory such as lead times, network setup, and supplier agreements. Before trying complex predictions or AI, get these basics right. Remember, if your starting data isn't accurate, any forecasts based on that won't be useful - garbage in, garbage out!

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Carlos Diazgranados

Procurement, Sourcing and Supply Chain
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All these tools will help a lot with the demand planning process. But what happens when your company is launching a totally new product which you have no historic data? That’s where the communication with the vendor and the market studies will help you share the responsibility with the stakeholders that were involved in the creation and launch of this product.

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Osama taha ElToshy

Demand and Supply Planning Manager @ Metro Markets | Supply Chain | Retail Inventory Management Expert
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In my experience, tools can help you provide data and information for decision-making. However, there are exceptional cases, such as: Items with negative inventory Items with available stock that is not consistent with the system and actual stock Times of crisis, such as the COVID-19 pandemic Logistical crises, and many more I believe that in order for technology to help you, you need to input accurate data and information so that it can output accurate decisions

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What technology can you use to improve inventory forecasting and replenishment?

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6

1 Artificial intelligence

2 Internet of things

3 Cloud computing

4 Machine learning

5 Data analytics

6 Here’s what else to consider

Inventory Management

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What technology can you use to improve inventory forecasting and replenishment?

1

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5

6

1 Artificial intelligence

2 Internet of things

3 Cloud computing

4 Machine learning

5 Data analytics

6 Here’s what else to consider

Inventory Management

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