Inventory forecasting, also known as demand planning, is a data analysis method used by purchasing managers and decision-makers to predict inventory needs, anticipate demand fluctuations, uncover savings opportunities, enhance marketing strategy, and ensure customer satisfaction. Inventory Forecasting & Everyday Data Every single day the world collectively produces approximately 2.5 quintillion – 2,500,000,000,000,000 – bytes of…
With the right inventory tools, small and mid-sized businesses can effectively manage their inventory Inventory management continues to play a critical role in the success of an organization. However, because of the domino effect businesses have on the overall economy, recently “unsold inventory created a big drag on the economy”. According to NRF Chief Executive…
How to track inventory… five easy ways when getting started with your inventory management software. How to track inventory with software For businesses trying to determine ways to track inventory, many affordable resources exist. One such resource is inventory management software. Most inventory solutions tailored for SMBs are quite affordable and practical investments. Even though inventory…