Optimizing Your Inventory Management with Turbine's New Forecasting Features
In the ever-evolving retail and e-commerce landscape, staying ahead of inventory management can be the difference between thriving and surviving. At Turbine, we understand the critical importance of precise inventory forecasting for businesses of all sizes. That's why we're excited to introduce our latest suite of inventory forecasting features, designed to empower your business with data-driven insights and actionable intelligence.
Harness Historical Data for Future Success
Our journey begins with data – the cornerstone of effective decision-making. When you onboard with Turbine, we delve into the past to secure your future, pulling 12 months of historical sales data. This rich dataset is the foundation for our predictive models, enabling us to forecast your inventory needs with unparalleled accuracy.
Your Forecasting Ally
At the heart of our new features is advanced ML forecasting and a cutting-edge prediction model renowned for its efficiency and accuracy in forecasting time series data. We can project each SKU's sales by channel for the upcoming 12 months. This level of precision allows for strategic planning and allocation of resources, ensuring you're always a step ahead in managing your inventory.
Inventory and Sales: A Balancing Act
Understanding your current stock levels and forecasted sales is crucial. Our system compares your existing inventory against projected sales, clearly showing your stock's sufficiency over the next year. But we don't stop there. We also evaluate your incoming inventory – goods already ordered but not yet received – to determine how well it will meet future demand.
Predicting the "Out of Inventory" Date
One of the most innovative aspects of our forecasting features is the ability to predict your "out of inventory" date. This insight is invaluable, highlighting potential stockouts and allowing you to take preemptive action to maintain inventory continuity.
The "Reorder By" Date: Your Purchasing Guide
Understanding when to reorder can be as crucial as knowing what to order. Utilizing the lead time information provided during setup, our system calculates your "reorder by" date. This date is meticulously worked out from your projected "out of inventory" date, offering you a precise timeline for when to place your next purchase order to avoid stockouts.
Embrace the Future of Inventory Management
With Turbine's new inventory forecasting features, you're not just managing your inventory but optimizing it. By leveraging historical data, advanced predictive models like Prophet, and actionable insights into your inventory dynamics, you can ensure that your business remains competitive, responsive, and ready to meet the demands of your customers.
We're here to support your growth and help you navigate the complexities of inventory management with ease and confidence. Welcome to the future of inventory optimization with Turbine – where data drives decisions and insights inspire action.
If you’re ready for some forecasting backup, Turbine can help. We’d love to chat. Book a demo or drop us a note at hello@helloturbine.com