Effective inventory management and accurate inventory forecasting are critical to successfully run warehouse operations in retail, manufacturing, and eCommerce businesses. A majority of enterprises in the given industries already use fully integrated inventory modules to track and monitor inventory movements. However, in many cases, the inventory module is kept devoid of the essential BI features that are conducive to perform inventory forecasting.
Inventory forecasting is the process of ascertaining the amount of stocks required at any given time to maintain a perfect workflow balance. It is a statistical technique that requires a complex mix of predictive analytics, mathematical computation, and customer-level insights. Inventory forecasting takes into account the average inventory consumption, historical sales data, and several other parameters to provide accurate inventory forecasts.
At Oodles, we provide custom BI application development services to facilitate accurate inventory forecasting to successfully run warehouse operations. We use advanced data analytics and visualization tools to build intelligent ERP inventory management system modules that enable organizations to efficiently manage their warehouse data.
In this blog post, we shall explore different ways that BI application development improves inventory forecasting and streamlines complex warehouse operations.
Business intelligence enables organizations to make sense of their complex customer data and make improved business decisions driven by accurate sales forecasts. It combines advanced analytics, data mining, data visualization, reporting, and other features to enhance business productivity and profitability through intelligent decision-making. In today’s cut-throat market competition, BI application development gives you the edge over competitors and plays a critical role in driving digital transformation. Above all, it lets you capitalize on your sales data and process it to extract useful information about your customers’ buying habits. Furthermore, this data could be used to optimize marketing campaigns and deliver personalized customer experiences across different channels.
Business intelligence tools provide a number of benefits to cross-industry enterprises to improve and optimize their inventory management processes. Given below are the main benefits of BI application development for inventory forecasting.
1) BI tools help maintain an optimum level of inventory at various warehouses locations by preventing instances of overstocking and stockouts.
2) BI application development for inventory management aids in monitoring and analyzing inventory levels for raw materials and finished goods. As such, it ensures that all shipments and stock movements are handled with sheer caution, leaving minimal scope for wastage due to manual errors.
3) It aids in identifying dead stock as well as defected pieces, enabling organizations to remove/recycle them for better utilization. Besides, it continuously monitors the latest market trends and helps in maintaining a perfect balance between the demand-supply curve.
4) The business intelligence tools generate accurate inventory verification schedules to steer clear of any possible errors in the ordering process.
5) BI tools automatically organize the inventory data by effectively classifying different types of stock including raw materials and finished goods.
6) It significantly reduces operational costs pertaining to inventory management solutions by minimizing the expenses associated with overstocking, stockouts, and resource wastage.
A couple of years ago, there was a time when only big brands could afford BI application development services. Business intelligence tools were increasingly expensive and yet offered limited features and control over business processes. Surprisingly today, even small-scale retailers and local businesses use multiple BI tools to streamline their routine operations. It has become possible through open-source technologies that provide businesses with free access to a multitude of BI features. That way, they only have to bear the development costs without having to pay software licensing fees.
We are a 360-degree ERP development company that provides complete enterprise software solutions for industry-specific business needs. Our developers specialize in using open-source software tools like Apache Superset, Spark, Hadoop, and AWS Redshift to render BI functionalities. We holistically analyze your business requirements and formulate effective execution strategies for BI implementation to enhance workflow productivity and profitability. Our proven track record in custom ERP development make us your go-to experts for diverse business software requirements. To learn more about our BI application development services, write to us at [email protected].