Inventory Forecasting : Unearth Secrets of Success for Improving Performance of Inventory Management in Your Industry!
Abstract Inventory forecasting is a method used to predict inventory levels for a future time period . It also helps keep track of sales and demand so you can better manage your purchase orders. It is a great inventory management tool that can increase your company's revenue and decrease unnecessary costs. Inventory forecasting gives you the information you need to manage your supply chain and have the stock your customers want when they want it . Creating accurate forecasts and updating them regularly becomes an essential aspect of operational management as your business grows. An accurate inventory forecast is invaluable, especially in times when supply chains and consumer demand are changing rapidly. Getting forecasts right requires a mix of data analysis, experience in the industry and customer insights to metaphorically peer into the crystal ball and predict future demand. Essential data elements required for accurate inventory forecasting include the following: