A free resource from EazyStock ‘How to improve demand forecasting accuracy’ will help you master demand forecasting techniques, so you can consistently maintain optimum stock levels across your business.
In this eGuide we show you how to improve demand forecasting accuracy with a range of forecasting techniques and best practice.
We’ll help you understand and master simple demand forecasting techniques, so you can consistently maintain the right levels of stock no matter the challenge.
Demand planners often use a mix of quantitative (using historical demand data) and qualitative (based on opinions and insights) methods to produce their forecasts.
As a rule of thumb, the further out the forecast is, the less accurate it will be. However utilising more sophisticated demand forecasting techniques will help make your projections as accurate as possible.
Many businesses are still using manual spreadsheets or basic software functionality to forecast demand. Both can lead to regular stock-outs or a build-up of cash-absorbing inventory.
More and more are therefore turning to statistical demand forecasting tools, such as EazyStock.
EazyStock connects with your current stock system and uses advanced algorithms to bring speed and accuracy to demand forecasting.
Forecasts are based on a stock item’s demand type, it’s demand volatility, any seasonal variances, and any long term trends – for more accurate sales (or manufacturing) projections.
Forecasts are constantly reviewed and automatically updated. EazyStock then uses them to produce optimised reorder recommendations – speeding up purchasing tasks and reducing the risk of stock-outs.
If you can accurately forecast demand, you can optimise your inventory levels, improve fulfilment rates and reduce carrying costs, all of which ultimately affect your bottom line.
In this eGuide we’ll show you a range of demand forecasting methods so you can consistently maintain the right levels of stock across your business.
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