Improving Inventory Management and Demand Forecasting
Improving Inventory Management and Demand Forecasting
Overview
Challenges
One of the major challenges faced by our client is inventory management. The company does not have accurate real time information about the inflow and outflow of inventory. The company uses manual methods to track in and out of inventory, which is not also time consuming but also erroneous.
Another barrier to their smooth functioning of business operations is demand forecasting. Poor demand forecasting is resulting is decreasing sales, depleted inventory levels, and unsatisfied customers.
Solutions
Providentia’s team advised them to migrate to Cloud computing. Cloud computing will allow the client to record and track the movement of inventory. It will help its employees to browse the history of buying and selling in no time.
Therefore, it reduces manual errors and provides a single screen approach of inventory management. It facilitates easier documentation of inventory, and the superior officials can know the status of incoming and outgoing of goods.
Cloud provides on-demand customer-based forecasting services. It allows the company with forecasting algorithms with flexible analytics to ensure a complete pack of solution to their issues. It tries to predict the demand of customers accurately and thereby maintain optimum inventory levels and price their products accurately.
Impact
Cloud computing was the company’s savior in the times of depleted inventory levels and unsatisfied customers.
Increase in customer satisfaction by
58%
Improvement in demand forecasting by
66%
Increase in sales volume by
59%
Surge in inventory management by
