Inventory management should be thought of as an insight. There are so many different inventory solutions out there, how does inventory forecasting fit into the space?Ī lot of people get confused when they hear the word inventory they immediately think of inventory management. Because I know that I’m not alone in having tried the DIY approach to inventory planning it’s everywhere. Now I’m here, trying to help small- and medium-sized enterprises avoid the very mistakes that led to my own losses. In the end, I stripped the business, sold as much stock as I could, licked my wounds, and carried on. I had no data to inform my decisions, which led to a massive cash flow issue. My purchasing was based on what I thought we should buy, which is just ridiculous. And I had no idea what I was doing when it came to buying new stock. I purchased a lot of stock at cost, trying to finance the business. But without access to the data and predictions a tool like StockTrim can produce, I was blind to just how bad things were. When I bought the company, it was already in a bad way. It happened because of the very thing inventory forecasting software is there to prevent. Prior to StockTrim, I was the owner of a toy company that suffered a two-year disaster. StockTrim is an inventory forecasting system that automates the entire inventory planning process. Let’s dive in! What does StockTrim do, and what inspired you to create it? How lead times affect inventory forecasting.How much data a business needs to implement inventory forecasting.Is an inventory forecasting tool absolutely necessary?.At what point do businesses typically consider an inventory forecasting solution?.
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