Your Complete Guide to Inventory Forecasting
What It Is, Why Companies Do It and How to Get Started
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By Oracle Netsuite ·
August 2, 2021
Effective inventory forecasting can mean the difference between profitability and piles of unsold goods that eat up your available cash. When used correctly, companies can better plan for potential dips or surges in sales, save money on storage and keep customers happy.
We’ve put together a top-to-bottom guide on the importance of inventory forecasting and how to get started in your own organization.
Accurate forecasting determines how much product a business needs to fulfill customer orders, and it also ensures that they don’t spend too little or too much on inventory.
This guide provides an overview into the basics of what inventory forecasting is, as well as:
- The common challenges of inventory management and how better forecasting can help minimize or avoid them.
- Key inventory metrics and formulas to help you accurately forecast.
- Tips, techniques and methods to best analyze your inventory metrics.
- How an inventory management system can help you factor in historical data to predict your needs.
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