A User-friendly Tool to Optimize Inventory Forecasting and Save Tons of Time
by John Garvey
How comfortable are you with your current inventory forecasting methods? You know the key is using historical info to predict future demand. But how do you collect, sort and use all that data?
Getting your min/max levels right is complicated because the sweet spot for inventory levels is often a moving target. You need to be agile and responsive to seasonality, new offerings and other factors. Keeping on top of that can be a full-time job in itself.
It’s potentially overwhelming.
But it can also be really easy with some of the tools we offer.
Case in point: Counterpoint’s Purchase Advice tool
If you’re personally plugging in data to spreadsheets, you probably don’t relish doing so. Never mind the potential for human error.
NCR Counterpoint can autogenerate and adjust min/max levels based on sales velocity, historical info and seasonality. That empowers you to focus on other things, knowing your replenishment levels are up-to-date and based on sound criteria.
If you have multiple locations, Counterpoint and other solutions we offer allow you to seamlessly move inventory between stores or warehouses. By referencing historical and current sales data, you’ll also know you’re doing it right.
And you don’t need to collect 3 – 4 months of data to optimize things, either…
The inventory you need | right time | right location | right quantity
The minute you have inventory in your system you can have Counterpoint run a report that creates your min/max automatically. It eliminates guesswork. The Purchase Advice tool changes your min/max’s based on real-time sales velocity, eliminating guesswork and saving lots of this:… Oh yeah, and it can also save lots of this:
Many retailers are in a location with expensive floor space and lease comparatively inexpensive warehouse space. If you’re one of them, those mid/max reports become all the more important.
Markdowns without the frowns
Modern inventory management systems like Counterpoint also feature pricing tools that provide guidance in marking down products. So you can make informed decisions to turn that overstock into cash without leaving a lot of money on the table.RCS offers a variety of solutions for all types of retailers, so we’ll work with you to determine what will bring you success rather than trying to sell you a specific package. From POS terminals to CRM and cloud-based data solutions, industry-specific Counterpoint customizations, and credit card processing, we’re a one-stop shop for all your inventory and point of sale needs.