You’re struggling to forecast inventory for your business. What’s the best software to help you out?

SAP ERP offers various solutions, including SAP Integrated Business Planning (IBP), that can assist businesses in addressing the challenge of struggling to forecast inventory. Key areas supported by SAP ERP will be Advanced Analytics and Predictive Modeling Real-Time Data Integration Demand Sensing Supply Chain Visibility Historical Data Analysis

Cada empresa conoce detalladamente los movimientos de su inventario, conoce sus falencias, sus fortalezas, por lo que de esa manera, también puede perfectamente entender cuál es el mejor Software que puede prever los diferentes problemas que pudieran colapsar una operación logística o de ventas, es por eso que recomiendo revisar la implementación de un software hecho a la medida de cada operación, es muy válido. En una de mis últimas experiencias, un grupo independiente de ingenieros de sistemas trabajaron en el desarrollo de uno hecho a la medida, esto, con ayuda de nosotros los expertos en la gestión de inventarios, esta decisión la tomé luego de no ver la viabilidad con las más de 10 propuestas recibidas por empresas proveedoras.

Define SLOBs with its nature and identidy fast moving items and ensure the are replenished on time. Create better SLA for slow items or MOQ concept to help to avoid obsolete

SAP offers various solutions, including SAP Integrated Business Planning (IBP), that can assist businesses in addressing the challenge of struggling to forecast inventory. Key areas supported by SAP will be Advanced Analytics and Predictive Modeling Real-Time Data Integration Demand Sensing Supply Chain Visibility Historical Data Analysis

Inventory forecasting software aims to achieve an equilibrium between cost and order fill rate. Overall, inventory forecasting software plays a crucial role in helping businesses improve their inventory management practices, reduce costs, and enhance customer satisfaction by ensuring product availability.

The best software is the one addressing your specific needs and pain points, so spend both time and effort defining what they really are, is a critical piece of work. Once you made your choice, be sure to select an implementation partner who can deliver both the technical solution and the change management necessary to ensure adoption.

In most of the organisations the down stream & upper stream of Supply chain operates under different functions called Sales & Distribution,Marketing, Finished good Warehousing/ Distribution Centers, Production Planning, Raw material warehousing , Sourcing, Contracting & Purchase. In majority of the organizations, who have not implemented end to end ERP solutions , normally works in silos in non integrated different softwares, excel worksheets & manually. Hence in today's world of uncertainties, it is imperative a holistic approach towards such an important activity of Inventory Forecasting tool is decided keeping in view the transparency, agility & visibility, as it is the very basis of any business survival & growth.

In these times of big and complex databases, it becomes important to have a tool which not only breaks down this data into easy usable format to help reach decisions but also which can raise triggers basis the threshold values set in the system. With the help of such forecasting tools we can address all the common issues that we have historically encountered in inventory management and take data driven actions in a prompt and timely manner

Inventory forecasting is required to stock sufficient quantity to meet the demand during lead time of sourcing or building inventory and to cover for delays due to manufacturing variabilities, sourcing variabilities, transportation variabilities, service level variabilities. The longer the lead times and higher the variability, higher will be need to forecast inventory targets. The keiretsu setup that Toyota runs give them huge advantage in terms of demand-supply visibility, which helps with JIT inventory and thus lesser need for inventory forecasting. On the other hand, the longer global supply chains scream for better inventory forecasting needs.

Inventory is most times the First or second largest asset in the company. It is critical to have a demand planning system to provide visibility and business intelligence to make the best strategic business decisions to optimize your inventory. This optimization will lead to better cash flow and increased sales.

Some ways to get started on this is by evaluating the inventory size, the nature and complexity of the inventory. Worthy to note is the nature of the software itself, if the software works in real-time or a non-real time. Another is the cost of running the software, the customer service delivery of the hosting software company and their ability to regularly run updates to take care of bugs in the system.

Customized/tailored solution that best suits your industry requirements keeping in view your location & industry. User friendliness in recording & required reporting are most important factors to be considered.

Evaluating the need, size, complexity of your inventory and also consideration should be given for both the upfront and ongoing costs while choosing forecasting software.

Before going for inventory management software, team should understand the inventory requirement thoroughly. As business says 80% of the sales will come from 20% of the SKU's. It depends on the frequency of the billing, time to manufacture or procure, time to transport, sale per month, then changes in the market trend etc is to be defined. Inventory management software os not the same for each company. It depends on industry and then product, lovation etc. Hebce it should be designed depending on the requirement of the organization. Then only it will be successful.

Some steps are: 1) Do "As Is" and "To Be" exercise. 2) Search for the one which truly fits for your business nature like manufacturing and service business would have different approaches. 3) Gather a team capable of running the software. Most of the time people take decisions and install the softwares but then it fails. This is due to availability of Mindset. 4) Search the vendor having a good track record of after sales services. Majority doesn't have this quality. Be aware that the most easiest part is the installation and most difficult part is implementation. 5) Value for money is very crucial. Don't ever go with big names. Go with the product which can be easily fit to your organisation and creates a value.

As a seasoned professional, consider these five key parameters when comparing options: 1.Accuracy & Precision: Ensure the software's track record in accurate forecasting. 2.Integration Capabilities: Confirm seamless integration with existing systems like ERP and inventory management tools. 3.Scalability & Flexibility: Assess scalability to accommodate business growth. 4.User-Friendly Interface: Customizable dashboards and real-time reporting tools enhance collaboration, providing insights into crucial key performance indicators. 5.Cost-effectiveness & ROI: Conduct a comprehensive cost-benefit analysis, considering upfront costs, ongoing maintenance, and potential returns.

As a user of RFMS software, I can confirm its vital role in optimizing inventory forecasting and management. With its seamless integration, customizable features, and robust reporting, RFMS stands out as a top choice. Its real-time insights and exceptional support have significantly enhanced our operational efficiency and customer satisfaction. In summary, RFMS has revolutionized our inventory practices, driving growth and excellence.

Un par de consejos bastantes importantes que puedo dar a la hora de revisar un proveedor de software de previsión de inventario, son los siguientes: 1. Soporte a largo plazo! Es muy, pero muy importante que el proveedor tenga un respaldo financiero y de operación visualizada en el tiempo. Si uno adquiere un software de una empresa con posibilidad de irse a la quiebra, las posibilidades de que el servicio deje de funcionar del software, y por lo tanto colapsará nuestro proceso, parece una cuestión fácil de predecirlo, pero he visto que le ha pasado a muchos !! 2. La prueba gratuita no es negociable !!! Tiene que darse "Si" o "Si", pero no por el tiempo que el proveedor diga, sino por el tiempo que sea necesario para demostrar que si sirve!

When comparing inventory forecasting software, evaluate factors such as pricing, payment plans, hidden fees, and trial options. Assess functionality, focusing on core features like data analysis, demand prediction, and inventory optimization. Examine reviews and ratings from users and experts to understand software strengths and weaknesses. Consider customer service responsiveness, communication channels, and update frequency. A comprehensive analysis of these aspects will help you make an informed decision based on cost-effectiveness, functionality, user satisfaction, and ongoing support.

Qualitative forecasting usually involves focus groups and market research. Forecasters then flesh out models from this type of data. Quantitative forecasting: This uses past numerical data to predict future demand. The more data gathered, the more accurate the forecast usually is.

Start with the inventory count considering all categories. Go, with the coding mechanics. Coding should be parallel to your categories developed. Then, assign a team capable of doing it. And have a opening inventory to some decided date. Besides it, get ready with the necessary forms in all departments. Like in Procurement, go with PO and GRN finalization etc. Once done, do have a test run cycle of complete inventory cycle. This will be a complete exercise from each portions of business activity. After that, assign relevant task to teams and go on. Disclaimer: This might not be that easy as I explained. Each step requires complete planning and have details etc.

How to implement inventory forecasting software Upload historical data. If you've been on the retail scene for a while, you likely have some historical sales data from selling your products, fulfilling orders, and more. ... Configure and validate data. ... Train your employees. ... Document processes.

For implementing inventory forecasting software in business, follow below steps: 1. Define Goals and Objectives: 2. Select the Right Software: 3. Allocate Resources: 4. Data Preparation: 5. Customization and Configuration: 6. Integration with Existing Systems: 7. Training and Education: 8. Pilot Testing: 9. Rollout and Deployment: 10. Monitor and Evaluate: 11. Iterate and Improve:

Define your goals in terms tangible no’s where you want to go.. identify the gaps and do research to find out causes that preventing you to achieve your goal .. the preliminary analysis helps you identify appropriate software / models for your requirements.. There is never one size fits all approach works ..you have to tailor your software according to your needs … Once you select the software ensure smooth integrations with your existing ERP systems .. Ensure the data collected are accurate I.e Lead time , Coefficient of variation demand / standard deviation of demand and whether the strategy is Push or pull ..All these information needs to feeds into the system that generate the output of safety stock

Algo clave para resaltar es lo siguiente: No todas las veces la implementación del Software de previsión de inventario toca configurarlo o como decimos "empalmarlo" con nuestro ERP, claramente ambos pueden funcionar por separados, no es lo ideal, pero es una realidad. La prioridad siempre va ser el de escoger el mejor Software de previsión de inventario para nuestra compa?ía, luego de eso, si es compatible con nuestro ERP u otros sistemas, es lo de menos! parece cruel, lo sé, pero es la manera de evitar tantos sufrimientos a nivel logístico. Ahora bien, el hecho de que funcionen por separado, no es tan malo, siempre y cuando haya un orden en los procedimientos internos. Esto también hace parte del mundo real!

I managed inventory with several systems like sage and oracle, yet I believe that the best inventory forecasting system must be a learning one not a static one, of course famous ERPs like SAP and Oracle have possible twists for customizations and for sure the possibility to track and integrate various data from various parts of the supply chain macro process and learning best practices from similar businesses as yours is very good starting point yet creating your own model that gathers constraints and expectations is a must.

Forecasting depends on future anticipation and demand domain knowledge. In addition machine learning models can learn from past data to give a Forecasts. Then it need to be moderated as per economic cycle and anticipated future requirements. Software should have two parts. One part to give machine learning part, other part to moderate to give holistic including expansion or reduction.

More than the software itself, it’s important to analyze what are the market variables, product and process constraints, company goals, and any other inputs that the software would require. The better the inputs the better the results.

In my career, I've encountered diverse inventory systems, handling items from seasonal to highly perishable. There's no universal solution; it depends on your business and integration capabilities. Your software should accurately interpret sales history, track stock comprehensively (even by serial number in some cases), and facilitate seamless cycle counting, possibly with temporary stock blocking for accurate counts. A accurate and reliable stock is intricated connected to customer experience

Los Software de previsión de inventarios son "matemáticos", son "estadísticos", sin embargo tienen un problema, no entienden, ni saben del contexto real que uno vive en la actualidad, ejemplo, cuando llegó la pandemia, muchos procesos colapsaron, no los veía venir. Por eso yo sugiero que en el Director o equipo a cargo de la gestión del inventario siempre tenga presente utilizar su "sexto sentido", su análisis personal de entorno actual con todas sus variables, con el fin de ayudar a tomar decisiones que garanticen una ejecución correcta de los procesos.