What Is Inventory Planning?
Inventory planning helps confirm the availability of your products, even in a changing market. It’s the process of planning your inventory based on your forecasted demand. This ensures your inventory can suffice projected demand. You can avoid stock-out scenarios and inventory waste due to overstocking. Make smarter inventory decisions while guaranteeing availability with safety stock calculation. Ultimately, with effective inventory planning, you can plan better and always stay ahead of the competition.
What Is Inventory Planning Software?
TransImpact inventory forecasting software helps you manage your inventory with ease. You get an accurate, real-time view of your in-store and warehouse inventory. Working as an inventory prediction software, it uses 250+ advanced algorithms to forecast your inventory with up to 99% accuracy. You can plan your inventory for up to five years and reduce stockouts by 85%. With an optimal safety stock, you can avoid facing loss when demand rises, also avoiding lower profit margins and excessive shipping charges by managing replenishment. Recognize demand changes due to upcoming events and manage your inventory accordingly.
With our inventory planning software, you gain greater visibility into your inventory requirements. With predictive inventory management, you can forecast with utmost accuracy. The software uses historical sales, economic shifts, promotional events, and consumer trends to give accurate forecasts.
Features of Inventory Planning Software
Bill of Materials (BOM)
With our inventory planning software, businesses can use the bill of material (BOM) explosion for raw materials orders. With BOM, you can centralize all information regarding raw material procurement. A hierarchical display helps you see the product broken down into individual materials required for each product, helping you better manage the raw materials required, even in kits. Minimize your operating costs by ordering all materials at the right time, saving on the excessive cost of procuring materials short in the market or those available at a high price. It results in a smooth-running production cycle as your raw materials are always available.
Real-time Inventory Analysis
With real-time inventory insights, you can have an updated measure of your available inventory, providing the ability to cater to demand sufficiently. Our inventory planning software prevents stockouts and overstocking, which are often caused by inaccurate inventory. Demand planners get an accurate view of the in-store inventory and warehouse quantities, helping plan your inventory based on projected events. Real-time insights help you make smarter inventory decisions and optimize your safety stock according to available inventory and forecasted demand.
Major events like holidays, promotional events, or weather changes can affect demand. Our inventory forecasting software forecasts these events in advance and helps you understand inventory levels to cater to this demand. The software ensures you never face a stockout during important events. Depending on the estimated change in demand, you can increase your inventory. You can also determine which location is likely to experience greater demand than others and segregate accordingly.
Predict your inventory for up to 180 periods in the future with 250+ forecasting algorithms. Improve your sales forecast accuracy with up to 99% accurate forecasts, allowing you to manage inventory better resulting in higher profitability. Improve your inventory turns with extensive ‘what-if’ analysis even as the market and supplier conditions change. Predict changes in your safety stock to ensure availability during delays in replenishment or a rise in demand.
Safety Stock Optimization
Safety stock is what keeps a business running even when the demand rises above the forecasted amount. With our inventory optimization tools, you can manage an accurate safety stock to avoid stockouts while reducing inventory waste due to overstocking. Safety stock optimization lets you recalculate and manage according to the modifications in your supply chain. With a well-stocked safety stock, you can make smarter inventory decisions and save on replenishment costs. You can improve your safety stock levels in a timely manner with an extensive ‘what-if’ analysis of your products. Timely updates alert a dip in the safety stock, so you can replenish your inventory in time.
Our inventory planning software helps you better manage your warehouses by keeping track of the changing inventory. Monitor your inventory in real-time to know the quantity of products available and use that data to better plan your production, replenishment order, and safety stock. Get net purchase requirements for single and multi-level warehouses and allocate your inventory better to every location.
Benefits of Inventory Planning Software
Manage Thousands of SKUs with Ease
Reduce management of thousands of SKUs with action items and manage by exception to only focus on items that need immediate attention.
Stay Ahead of Your Inventory
Get real-time insights into inventory levels and keep track of product demand, sales, and inventory on hand. Get custom alerts for inventory shortages and dips in safety stock.
Effectively Manage Your Inventory
Get net purchase requirements for single or multi-level warehouses and enhance inventory turns regardless of market or supplier conditions.
Enhance Business Profitability
Increase your sales forecast accuracy with better inventory management and match your demand to inventory for greater profitability.
Reduce Stockouts and Overstocking
Our stock forecasting software ensures you have ample inventory to cater to your predicted demand to avoid out-of-stock scenarios while reducing inventory waste due to overstock.
Improve Your Warehouse Management
Manage a detailed record of available inventory to plan production and segregation of products with a centralized system for better warehouse management.
Achieve Your Sales Goals with Accurate Inventory Forecasting
250+ forecasting algorithms
Get up to 99% accurate inventory forecasts with 250+ advanced forecasting algorithms to help plan your inventory better.
Extensive ‘what-if’ analysis
Perform ‘what-if’ analyses of your products to ensure availability in any scenario and recalculate your safety stock as your supply chain needs change.
Our inventory planning software grows with your business, giving you accurate inventory forecasts with a user-friendly interface for easy information access at every step.
Enhanced Inventory planning
Time-phased inventory plan to help you in daily, weekly, or monthly intervals for up to 180 periods.
Get detailed access to your open sales orders, replenishment orders, dependent demand, and consolidated time-phased data with a dashboard planner.
Set custom alerts like out-of-stock, overdue receipts, recommended orders, safety stock running out, and more from the inventory planning software as your inventory changes.
Inventory Planning Software Integrates with Any ERP of Your Choice
To ensure you get accurate forecasts every time. our software integrates with most popular ERP solutions and business intelligence tools. If you wish to change your ERP solution, our experts will help easily integrate your data with the new system. With 24×7 virtual sessions and impeccable customer service, our experts are there to help you with your ERP integration at any time.
Who Needs Inventory Planning Software?
Our inventory planning software has helped various businesses of all sizes forecast their inventory and plan their supply chain with ease. Businesses from various industries can make the most of the software. If your business has inventory, you can use the software to forecast it and ease working throughout your supply chain. You can avoid stockout and overstock scenarios, save money on unnecessary revenue, and maximize your benefit with an optimized inventory.
Some of the industries that require inventory planning include retail, manufacturing, FMCG, automotive, fashion, eCommerce, and more. Businesses belonging to different industries need a different set of forecasting services. A few ways businesses from these industries benefit from inventory planning, include –
eCommerceeCommerce businesses of all sizes can benefit from inventory planning software. Businesses can determine the amount of inventory needed in various locations, how the inventory levels change according to events, and ensure availability.
Food & BeverageMaintaining an accurate inventory is crucial in the FMCG industry. Since most products have a shorter lifespan, overstocking can lead to deadstock. Accurate inventory planning helps maintain inventory levels, safety stock, and manage replenishment.
RetailWith changing market trends, managing an inventory often proves difficult for retail businesses. Using predictive inventory management, retailers can estimate demand changes and thus the changes in inventory levels and safety stock.
FashionEffective inventory planning lets you respond to changing fashion trends faster. Real-time insights ensure popular products remain in stock, even as the demand rises, and businesses can track as the products move along the supply chain.
ElectronicsElectronic products are more expensive than other retail products, and stockout or overstocking can cause greater loss to businesses. Planning inventory in advance can help businesses make the most of consumer trends while minimizing loss.
AutomotiveBusinesses can save revenue on damaged and wasted materials with successful inventory planning. Monitoring inventory in real-time helps businesses plan raw material procurement, stock allocation, safety stock, and replenishment orders.
Ask us! Inventory planning lets you forecast and manage your inventory based on predicted demand, seasonality, and other factors. You can avoid harmful scenarios like stockout and overstock by accurately planning your inventory. Book a demo with our experts to know more!
Inventory planning helps your business ensure availability and avoid unnecessary costs related to overstocking. You can replenish on time and save on excessive replenishment costs, maximizing revenue while minimizing cost.
Inventory planning software is the best way for you to plan your inventory accurately and with ease. Unlike spreadsheets, the software enables easier data access and automates forecasting to give accurate results.
By forecasting your inventory, you can monitor your product performance, accurately manage inventory, and maintain optimal safety stock.
If your business has an inventory, it needs inventory planning. From small to large businesses, all can benefit from accurate inventory planning. To learn how our inventory planning software can help you, schedule a demo with our experts!
TransImpact provides one of the best inventory planning software in the market. With over 250 forecasting algorithms, you can plan your inventory for up to five years with up to 99% accuracy. To learn more about inventory planning software, get in touch!