July 19, 2021
AI-powered Inventory Planning with FORECAST²
Forecasting demand is only the beginning of other functions that are vital for a business’s success. That is why FORECAST² is not just for generating highly accurate & agile forecasts. FORECAST²’s Inventory Planning module is an AI-powered system that automatically generates optimal ordering plans. It combines highly accurate demand forecasts from the forecasting module with data on current inventory, pending inventory, and information in the item master to create highly accurate inventory plans for each SKU in your portfolio.
FORECAST² Inventory Planning is the next evolution in inventory planning!
The FORECAST² team has been busy adding new features to the Inventory Planning function ofFORECAST² that will help you generate better order plans. Here’s a quick look at the latest additions.
- Inventory Alerts
You can now set up customized alerts within the inventory module itself and configure them based on expiry dates, out-of-stock, or over-stock conditions. You can even configure these alerts to indicate special requirements such as license renewals notifications to help you keep track of any that are nearing expiration.
What’s more, you can set your own color-coded threshold based on your individual SKU need.
Inventory planners are sure to love this new feature!
- Quick Info Panel
As a planner, it is tough to keep track of every forecast, for every SKU, each time you build order plans. You need a quick overview of all your SKU information to keep yourself up-to-date and capture the right information. The Quick Info Panel simplifies the whole planning process by allowing you to view specific SKU information on one easy-to-read screen.
There is no need to spend hours upon hours digging for information, trying to find that needle in a haystack. All the information you need is right there at your fingertips.
- View historical demand for up to 6 months
- View average historical demand at 3 and 6 months
- View current inventory, pending inventory, product master data
and much more
You don’t always generate inventory plans based on historical demand. There are times that you order goods on ad-hoc needs & special circumstances such as government tenders.
But this information is not typically captured in your historical demand. This is why we included an option for you to add notes for special situations like these. So, you can add the relevant information and keep track of such details. Adding notes is easy- you can add notes SKU-wise or universally, whichever suits you best.
- Collaborative Planning
FORECAST² Inventory Planning now allows collaborative planning. You no longer need to spend time downloading and transferring order plans between systems before sharing them with your colleagues. You can share the plan you are working on directly from FORECAST² with your team members & collaboratively adjust your order plans, in real-time.
Now you have all the information about your orders at your fingertips even before you create them so that errors are avoided and workflows are streamlined for a more efficient process.
- Inventory Dashboards
Our new Inventory Dashboard is the answer to all your inventory planning needs. With this intuitive, customizable design you’ll be able to view 1000s of forecasts and 100s of order plans for each SKU in detail without having to spend hours on your computer!
Our all-new dashboard allows you to;
- Visualize current inventory, pending inventory & product master data.
- Visualize your inventory based on expirations, out-of-stock or overstock situations, and license renewals.
- View historical data to compare actual against forecasted volumes.
- View your inventory information based on the quantity in your storeroom or the value of stocks.
Check out this quick video to see how FORECAST² Inventory Planning can help you take better control of your inventory, no matter what size your business is.