Inventory Management Software Solution: Analytics and Forecasting for Future Needs
Inventory is an area where small and mid-sized businesses can encounter costly inefficiencies. An inventory management software solution can provide the intelligence needed for analyzing inventory data and forecasting inventory levels to stock.
In an interview conducted with customers, Sage found that the key issues a business faces on a day-to-day basis (as it relates to inventory) are:
- stock-outs – 42%
- too much funds caught in stock – 37%
- too much time spent calculating re-order quantities – 21%
To solve these issues, Sage has created and launched Sage Inventory Advisor, an add-on cloud solutions that is easily implemented into the existing software environment. This inventory management software is easily installed and requires very little training for users that want to have it up and running right away.
Inventory Management Software that Integrates with ERP System
Sage Inventory Advisor integrates seamlessly with Sage ERP solutions, using business data to serve as a comprehensive tool for inventory management. To do this, the system pulls data related to sales, purchasing, and the supply chain to figure out product importance (a form of ranking the products in the product mix), forecasts for the future, and set targets for an optimal balance of inventory levels.
The information extracted from the ERP system is processed, calculations are performed, and a whole lot of metrics are analyzed to make the information available on your browser the very next day. The information pulled from the ERP system and analyzed by Sage Inventory advisor is then easily accessible and played with in intuitive dashboards that neatly present:
- performance metrics of items and their contributions to the business
- problem items, like those that are not available from suppliers or are at risk of stocking out
- sophisticated forecasts that take into account sales history and sales targets
- recommended orders based on predetermined and suggested buffer levels
- inventory projections
- min/max levels of each item
Up-to-the-Day Detailed Supplier Performance and Inventory Information
The information presented is of great detail and aimed at ensuring that retailers, distributors, and manufactures in the small and midmarket are keeping their customers satisfied. For example, the system has up-to-the-day information on how suppliers have been performing with deliveries, matched up next to details of customer orders pertaining to the product, and daily projection of stock level fluctuations based on what has been sold and planned restocking actions.
Once you have the information regarding current levels and forecasts in front of you, it is very easy to make changes to either of them directly through Sage Inventory Advisor. The forecast level can be changed to match a less than predicted sales performance or new orders can be placed to compensate for too many sales.
For companies that like to plan ahead, whether it just be their inventory levels or overall technology strategy, Sage Inventory Advisor integrates with all Sage ERP solutions. This means that once you learn to use it, you’ll be able to take advantage of its benefits for a long time. To learn more about Sage Inventory Advisor or helpful inventory management tactics visit the product’s video library.