It’s not an industry secret that accuracy in every area matters. Keeping accurate inventory levels is nothing but a benefit to your company. It’s crucial you understand this simple fact, so that you can make choices that strengthen your company. Keeping accurate inventory will allow you to experience positive improvements that you may have never imagined. We’ll share more specifics later on in this article.
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Inventory planning software is a very useful tool used by companies who sell products and/or services to consumers. This tool uses previous data to predict what future trends in demand will look like. This knowledge makes it possible for businesses to have enough product stocked, so their consumers can get what they want. A happy customer is most likely a repeat customer. The bottom line is companies that use inventory forecast software can make and save more money.
Recently, the food and beverage industry has experienced shortages of popular items. As the holidays are upon us, there’s hardly a worse time for these shortages to come. Every family has traditions, and a lot of these revolve around food.
If you know anything about cooking, you know that substituting a key ingredient in a well-known recipe doesn’t typically go well. This holiday season, there is an anticipated shortage of cream cheese. Kraft wants to remain in positive public light, so they’ve created an interesting proposition. Kraft has committed to pay up to 18,000 people $20 for not making cheesecake this Christmas. There are so many other deserts out there, and they’re trying to encourage consumers to make different treats while still thinking about their famous cream cheese.
Cream cheese isn’t the only perishable item in short supply. A Mediterranean restaurant in Vermont has been experiencing food supply issues over the past year. They used to order Pitas weekly, but due to an unforeseen shortage, they had to drive 7 hours roundtrip to ensure they had enough Pitas. They also used to get a larger variety of colorful vegetables, but it’s seemingly impossible now.
These two examples aren’t even the tip of the iceberg that is the current food and beverage supply chain. How can you ensure you don’t face inconvenient and unexpected shortages of your inventory?
Like we briefly introduced before, inventory planning tools are extremely beneficial to the companies who use them. Using past trends and sales, market conditions, and more, this software is able to accurately forecast what demand is going to look like. When you’re given a forecast of what your consumers are going to want in the coming months, and even years, you can make effective decisions regarding your inventory.
Inventory planning is a necessary practice if you want to have a successful business. You might be tempted to just assume demand will replicate demand that has been seen in previous years. The benefit of inventory management software is that it takes many more factors into consideration. The result of this is more accurately predicted demand.
If your company sells a product of service, then you have inventory. If you’re not currently using an inventory planning and management system, then your inventory practices have room to improve. If you want to experience the benefits of accurate inventory, you need to get in touch with an inventory forecasting software supplier.