Technology-independent architecture: choosing a flexible approach
Wholesalers can transform their business by mastering accurate inventory forecasting. This guide emphasises the importance of precise predictions, outlines key components for wholesalers, identifies challenges, recommends strategies, and underscores the far-reaching benefits of accurate forecasting for optimised inventory, profitability, customer satisfaction, and efficient supply chain management.
Accurate inventory forecasts are a game-changer, not just for optimising stock levels and minimising costs, but also for boosting customer satisfaction and fueling long-term business growth. Think about it: happy customers receive their orders on time, leading to increased loyalty and repeat business. Meanwhile, efficient inventory management reduces storage costs, frees up working capital, and allows you to invest in other areas for growth.
But how do you achieve such forecasting mastery? Let's delve into the world of wholesale inventory forecasting.
What is Inventory Forecasting
Let’s start by addressing what inventory forecasting is. Inventory forecasting, also known as demand planning, is the process of predicting the amount of inventory a business will need to meet future customer demand. It's essentially trying to figure out how much stock to have on hand at any given time to avoid stockouts (running out of inventory) and minimise excess inventory that ties up cash and storage space.
