All You Need to Know about Forecasting Software

You can see the future with supply chain software! Forecasting software allows you to predict your demand, supply, & customer behavior, so that you can make better decisions & enhance your supply chain, every step of the way.

COVID-19 pandemic has proven that it pays off to have a far-sighted approach for your business. Being ready for any future events helps you remain successful. In this time of uncertainty, the supply chain sector thrived as more & more companies started investing in technological solutions to keep supply chains up & running.

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McKinsey surveyed organizations across industries at the start of the pandemic and again in 2021. The report showed that all the industries involved in the survey invested in advanced supply chain analytics during the COVID-19 pandemic, with many leaning towards end-to-end supply chain solutions. Moreover, industries like automotive & commodity were reluctant to supply chain investment due to market uncertainty in 2020. However, by 2021 all the surveyed responders eventually invested in supply chain management.

A major aspect of supply chain solutions is forecasting. Forecasting is the phenomenon of predicting future demand for any industry. Forecasts are created by considering past sales, trends, current scenarios, seasonality, & more. Though there are a plethora of forecasting methods available, widely categorized as quantitative & qualitative, it can be cumbersome for companies to generate accurate predictions using all methods. That's why they rely on forecasting software to do so.

Forecasting software allows you to predict demand, sales, revenue, & more for your company, helping you save on inventory while maximizing profit.

What is Forecasting Software?Better known as business forecasting software is a software suite that allows you to forecast the overall performance of your business for future periods. It monitors historical data, present trends, seasonality, and more to forecast future trends and how these trends will affect your business. Using forecasting software, you can efficiently manage any aspect of your operations from production to delivery.

Why do you need business forecasting software?A forecasting software analyzes sales history to look for patterns, which you can use to develop data-driven strategies. It uses qualitative & quantitative methods to generate accurate forecasts for your business. This helps you cater to upcoming consumer demand.

You can plan better strategies, manage your finances, set reasonable goals, and ensure business efficiency and growth. Forecasting aids processes like demand planning, financial operations, production, and marketing. Forecasting software paints a clear picture of future demand. This gives you a chance to adapt to market changes, understand demand, & stay updated on your competition.You can compare forecasts with actual numbers to determine accuracy. You can allocate your budget better to maximize profit. You can adjust your business strategy & alter current operations to cater to changing customer expectations.

Forecasting Software for Your Supply Chain NeedsThough there are comprehensive supply chain solutions available, the term 'business forecasting software' refers to a suite of supply chain software that analyzes & manages different aspects of the supply chain. Here are a few forecasting software you can use to enhance your supply chain management

Inventory Forecasting SoftwareAn inventory forecasting software helps you generate accurate forecasts about future inventory requirements. It enables you to maintain an ample inventory of the right products to cater to your consumer demand. This helps you avoid loss of sales due to stock-outs. With accurate inventory planning, you only keep inventory of required products, thus saving on inventory costs & avoiding overstock waste. You can avoid inventory redundancies & reduce employee abuse of inventory.

Sales Forecasting SoftwareSales forecasting software plays a significant role in the growth & development of a company. It monitors historical sales & analyzes them against forecast algorithms to generate future projections. You get a clear picture of your sales in the coming time, giving you an estimate of which products are more likely to sell. You can use it to make informed decisions regarding your business, maximize resources, & set achievable goals. You can create an effective sales plan & tackle any potential issues beforehand that might harm the growth of your business. You can estimate revenue & allocate your budget accordingly to maximize profit while using resources efficiently.

Demand Forecasting SoftwareA demand forecasting software uses advanced algorithms to predict future demand for your products accurately. It utilizes past data & creates a forecast considering present & future trends. With efficient demand forecasting, you can monitor which products are performing better and keep them in stock. Besides product availability, you can enhance productivity and reduce costs while maximizing profit. You can maintain a higher level of customer satisfaction as well as make effective operational decisions.

Capacity Planning SoftwareCapacity planning software helps you manage your demand and manufacturing constraints and cater to your future demand. It helps you streamline various supply chain processes to maximize profit while efficiently using resources. With better resource management, you can look for economic ways to meet your resource needs. You can manage your departments, allocate tasks better, and recruit & train employees with new skills. You can also monitor your stock and improve lead times.

Revenue Forecasting SoftwareA revenue forecasting software accurately forecasts the estimated revenue of a future period. Once you can forecast your revenue, you can make smarter decisions regarding team expansion & resource procurement. You can conduct a thorough sales & product analysis to monitor the potential growth of each product. This helps you make better sales decisions regarding the discontinuation or promotion of products. It also acts as a budget forecasting software, helping you keep track of your spending goals, set up appropriate budgets, & make timely payments for your business.

Choose a Comprehensive SolutionThough business forecasting software has extensive benefits, its efficiency depends on its accuracy. Also, when applying the right forecasting solution for your business, it can be inconvenient for you to employ a different tool for every aspect. We suggest that you look for an end-to-end supply chain software solution for your business.

Avercast provides one of the best forecasting software in the market. They provide supply chain management software as a service suite that caters to every step of the supply chain process. They use 208 unique algorithms to create accurate forecasts for your business that aid your growth. Their suite of solutions includes demand planning, inventory forecasting, sales planning, S&OP planning, and more.

No matter your supply chain problem, Avercast has a solution for you. Get in touch & you can get a free demo of Avercast’s expert supply chain solutions.