Stock and inventory forecasting and demand planning are critical for any business. It allows businesses to accurately process the inventory and stock needed to fulfil their current and future orders in a specified period. Stock forecasting takes multiple factors into account such as promotions, sales data and external forces all to make the planning as accurate as possible.
This is why businesses need to invest in warehouse demand planning and forecasting software to make this easier and quicker. It also helps businesses to become more efficient as well since you can predict how much stock you will need for your customers and avoid issues with stock and demand.
What is stock forecasting and demand planning?
Predicting stock levels and planning for demand involves figuring out what consumers are likely to buy. This is so that you can make informed decisions about how much and what types of products to buy, exactly when and where they’re needed. It is a critical part of any business planning and ensures that your business won’t fall into pitfalls.
What benefits do stock forecasting and demand planning solutions offer?
Vardells inventory forecasting and planning software can have many advantages to your business no matter its size. You will be able to accurately predict the amount of stock and inventory your business will need to keep up with demand. Our software also allows you to monitor your stock levels at all times making it easy to predict your future sales revenue.
- Demand planning becomes much easier, helps to reduce risks and makes effective financial decisions.
- Your business can be more efficient in fulfilling orders to customers without exceeding or depleting your overall stock.
- Forecast and demand planning software also allows you to efficiently stock your inventory so that you can predict customer demand.
- Demand planning software gives you full visibility across multiple channels in your supply chain, so you can manage your stock more effectively and reduce the impact of supply chain issues.
- You can also improve your customer service as a result of forecasting software. It allows you to properly allocate stock to locations so products are always ready for your customers meaning they won’t look to your competitors.
Vardells is leading the way on forecasting and demand planning software solutions, which is why we also offer a range of retail, warehouse and EPOS solutions, so you can accurately predict your inventory levels and predicted sales.
What issues do people run into without effective stock forecasting and demand planning?
Without an effective forecast and demand planning, there are many pitfalls your business can run into. It’s essential; for any business to accurately predict the amount of stock they need to fulfil customers’ orders, keep the correct amount of inventory so that you are never short and help forecast future sales. Here are the main issues businesses can run into without demand planning software:
- Customer relations – If you are unable to supply your customers with the products they need on time due to issues with stock levels and poor forecasting, you can damage your customer relationships and they may look elsewhere for goods.
- Unreliable inventory- Without proper forecasting and demand planning, you can be left with an unreliable inventory. This can have big knock-on on effects for your business functions as you might not be able to forecast and plan properly and could end up overstocking or understocking.
- Increased costs- If you are unable to accurately forecast how much stock you need, you can end up spending more money on quickly replacing stock.
- Supply chain issues- Supply chain issues can be unpredictable and if you haven’t properly planned and forecast your demand it can be a huge problem. If issues arise in the supply chain and you are understocked you will not be able to meet the demand of your customers. This is why it is important to get your stock ahead of time and plan for potential issues in the supply chain.
Why choose Vardells for stock forecasting and demand planning solutions?
We take great pride in our 30+ years of experience in warehouse, retail, and EPOS solutions. Over this period, we’ve perfected our forecast and demand planning tools to offer your team the most precise information. Our software prioritises accessibility, and modules like this one are crafted for exceptional accuracy, delivering pertinent information. This means your team can seamlessly adopt our dashboard as soon as it’s ready.
To learn more about Vardells, make sure you check out our About Us page. And if you’re prepared to begin integrating Vardell’s solutions into your business, don’t hesitate to get in touch.
Our stock forecasting and demand planning solutions
Vardell’s Warehouse Connect system is the ultimate complementary solution to Retail Connect. Warehouse Connect allows your warehouses to automate and introduce efficient new workflows, so you can keep on top of things allocation, replenishment, and forecasting, without having to re-input data or manage human error.
Much like Warehouse Connect, EPOS Connect is designed to complement Retail Connect by implementing new functionalities and improving workflow and customer experience within your stores.
Everything from stock analysis to rapid payment processing is available through EPOS Connect, and much like our other solutions, it can be integrated seamlessly with your ERP and eCommerce systems too.
Request a Demo
Request a demo today by reaching out to a member of our team. We can provide a demonstration on any part of the Vardells selection, so you can see just how it could improve your workflows.
Ask for a quote on our allocation and replenishment solutions
Our team is available to discuss your business needs, and we can provide a no-obligation quotation to get you started.