Sales projection is very common and essential for a company to operate, especially in Retail industry. Retailers need to forecast the coming demand in order to manage what and how much product to have on hand, and ship from their warehouse to each of their stores at a given time.
Multiple departments and operations are involved in each production or distribution decision – and a poor forecast could have far-reaching damage to your company. An under-supply of inventory could lead to wrong operation budgeting and rostering planning problem to meet the demand, and costs poor customer experience due to repeated out-of-stock issue. While an overly optimistic demand forecast could incur extra cost for storage and even marketing cost to clear the slow-moving stock.
However, such kind of forecasting is never easy as it sounds. Simply doing so based on your experience and intuition is not enough to give you a holistic understanding about your sales performance in order to perform an accurate demand forecasting.
So now the question is: how can we produce and sell the right amount of the right stock at the right place at the right time with a reliable demand forecasting?
No frustration – Hummingbird Analytics is here to help. With Hummingbird, you can centralize all your data in one location, making it easier to calculate a more accurate demand forecasting using information from your POS, CRM, campaign management system, ERP etc. Your different lines of business can then take better informed decisions to improve your inventory and supply chain performance, and keep your customer happy.
A proper demand forecasting from Hummingbird gives you an edge over your competitors in the highly competitive market, avoid unnecessary cost involved in stock holding, and maintain enough stock to serve your potential customers without pushing them to your competitors.
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