The golden rule of the inventory forecasting business is that time is money—especially for smaller companies. Between researching the competition, handling shipment errors or returned items, and more, Amazon sellers need to value minutes the same way college students have to pinch pennies. There are plenty of ways to save time and optimize your business processes, but one of the most effective is to automate your inventory forecasting and ordering.
Automated inventory forecasting takes the hassle out of one of the most important steps of running your business: knowing how much of your product to keep in stock and when to place purchase orders to stay in stock. You can’t make money if you run out of items to sell, and all of those lost sales could be viewed as a cost to your business as well. Inventory forecasting uses past sales data to accurately predict how much product you will sell in the future, and thus how much you should order to stock up.Forecasts can be performed by hand, but at the cost of large amounts of time. Manually tracking sales data, current inventory levels, lead times, and more requires the use of complicated spreadsheets and a commitment of hours and hours. What’s more, one mistake or misplaced data point will skew your results and force you to start all over. Inventory management software can automate this process, avoiding the potentially massive time sink of manual forecasting at an affordable price.
For as low as $99.99 a month, ForecastRx can automate your inventory forecasting, as well as related processes such as the creation of purchase orders. The software is designed with saving time in mind. Not only does the app automate inventory forecasting, but it also simplifies inventory management by allowing users to view and sort items by customizable criteria, view out-of-stock items at a glance, and more.
All of these features are included on a single, user-friendly dashboard to reduce the time users have to spend on the logistics of inventory management. Sales data can be synced and updated at the click of a button. Purchase orders are prepared with your forecasts in mind, and only require a quick review before you email them off. Efficiency is the name of the game.ForecastRx can save you the golden currency of time, but it can also save your company money in a more direct manner. The advanced algorithms powering ForecastRx’s predictive analytics will provide a more accurate forecast of exactly how many items to order and when to order them than a spreadsheet ever could. This means less overstocking and therefore less storage fees you have to pay.
Accurate forecasts also prevent stock outs, which means no missed sales opportunities. ForecastRx will even automatically track your unreconciled purchase orders, so if the stock you ordered doesn’t match what an Amazon fulfillment center has received, you can rectify the discrepancy instead of suffering from vanishing stock.Take back precious hours of your time and increase your savings by investing in an inventory forecasting software. If you are interested in experiencing the time-saving potential of automated forecasting firsthand, ForecastRx is now offering a free trial of the app. Take advantage of inventory forecasting technology to free up your time and funds.
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