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DEMAND FORECASTING
EazyStock offers advanced demand forecasting functionality that’s easy for small and medium-sized business to utilise and ensures high service levels and fulfilment rates.
The demand for a product changes as it moves through its lifecycle, from growth, to maturity and decline. EazyStock classifies all your inventory items into nine different demand patterns, depending on their characteristics and lifecycle maturity. It then uses historical data and different statistical algorithms for each demand type to calculate every item’s future demand.
The demand forecasting software 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.
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.
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.
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