Inventory prediction

Inventory analytics helps you with inventory optimization and generate smart insights

Inventory prediction

Why inventory forecasting is important

Enterprises, especially manufacturers and retailers, are facing challenges in managing inventory effectively since with globalization, the supply chain has become much more complex. Materials are imported from all over the globe to make the supply meet demand across the enterprises. Due to this, making use of inventory data analytics to improve the supply chain’s effectiveness is becoming more important in the current global marketplace. Inventory optimization is the need of the hour, to eliminate the ambiguity of how to distribute the right inventory, in the right quantity, to the right locations, at the right time.

How SIA, Softweb’s Intelligence and Analytics platform, helps companies implement a smarter inventory prediction system

Companies often experience challenges in gaining any valuable insights from their data, which can help them in demand forecasting and inventory planning. The current inventory planning processes are often ad-hoc in nature and every stage starting from data collection, reporting, till inventory analysis is done manually.

SIA, powered by cutting-edge technologies like AI and machine learning, enhances inventory transactions and helps companies identify trends and patterns in inventory use. Inventory analytics anticipate the optimal inventory level which help the organization in cutting overstocking costs, while also allowing them to classify the inventory materials based on their priority or popularity. Our system also ensures no occurrences of out-of-stock situations, thus enhancing the customer relation and improving the overall profits.

How inventory prediction is useful to the manufacturing industry

  • Helpful in reducing working capital requirements with inventory prediction solutions.
  • Classify assets and products based on their priority or demand.
  • Facilitates in identifying the accurate physical inventory for your supply chain.
  • Easily determine optimal purchase levels to support production facilities.
  • Analysis can help in considering alternative inventory models.
  • Facilitates future consumption, sale or further processing/value addition.
  • Data science can help you undertake preventive measures to reduce supply disruption.
  • It can give demand-driven forecasting through a combination of structured and unstructured data.
  • It can generate route optimization and more efficient transportation using GPS-enabled big data telematics.
  • Calculate customer demand and provide detailed inventory insights.
  • Useful in managing physical and virtual assets for peak profitability.

SIA

Softweb Intelligence and Analytics platform, or SIA, is opening new doors of opportunities for businesses to make more data-driven decisions at higher accuracy rates, completely changing the way that businesses operate.

Talk to us about your data complexities and let SIA address them