What's the Strategic Steps to Succeed in Inventory Forecasting ? Discover Steps and Decide on Future Forecasting of Inventory Systematically!
The most common formulaic methods for successful inventory forecasting are trend, graphical, qualitative and quantitative . Choose the best method based on known stocking issues, personal insights, feedback from sales, customer input, mathematical analysis and market research. Accordingly you have to make strategies for 0ptimum performance of the industry. Find below some of the top Strategies for an evolving organisation. Steps to Succeed at Inventory Forecasting Follow these basic steps to perform an inventory forecast: Step1 Decide on a future forecast period, such as 30 days, 90 days or one year. Step2 Review the base demand for the period. For example, if the company sold 500 units in the last period, the starting data point will be 500 units for the forecasting model. Step 3 Decide on trends and variables and their effect on an increase or decrease in sales, such as any promotions or outlying marketing activity that may have affected the baseline demand. Step 4 Revie