DEMAND FORECASTING

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Demand forecasting software

How do you forecast your demand? Can you track how the demand for each product in your warehouse changes throughout its product life cycle?

Demand forecasting software is the basis of any good inventory management strategy. It helps prevent forecasting inaccuracies and the build up of excess stock, whilst ensuring product availability to keep customers happy and competitors at bay.

EazyStock offers advanced demand forecasting software functionality that’s easy to use and delivers accurate forecasts that take account of seasonality, trends and promotions. Our demand forecasting system helps increase service levels and order fulfilment rates, without increasing investment in stock.

Demand type classification and statistical demand forecasting

The demand for an inventory item changes as it moves through its life cycle, from growth, to maturity and decline. EazyStock classifies all your inventory items into one of nine different demand types, depending on their demand volatility and life cycle maturity. It then uses historical data and different statistical algorithms for each demand type to calculate every item’s future demand.

The statistical demand forecasting tool detects any changes in demand patterns over time and adjusts automatically, resulting in high precision forecasts, based on data that is always up-to-date.

EazyStock-Demand Forecasting

Demand forecasting for new products

For times when it’s not possible to use demand history for forecasting e.g product launches, users can manually adjust the forecast to ensure overall accuracy.

Or, if a new product is replacing an existing one, EazyStock’s supersession functionality can map demand and forecast history between the old and new product. In essence it uses the history of the existing item to calculate the demand of the new one.

Seasonality and promotions

Seasonal products, campaigns and promotions can be tricky to manage – and if you get the forecast incorrect, you could end up with way too much stock or out-of-stock scenarios.

EazyStock automatically integrates seasonal demand profiles into your demand forecasting process – for each item and location. This results in accurate forecasts allowing you to take advantage of peaks in demand whilst planning stock reductions for the troughs.

Talk with one of our experts about demand forecasting software functionality

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