Maintaining the proper inventory levels is essential for any business. Too little inventory can lead to missed sales opportunities, while too much stock can lead to wasted money. That’s why it’s important to forecast your inventory levels to maintain the right balance.
This article will discuss forecasting your inventory levels in Microsoft Dynamics 365 Business Central. We’ll cover the following topics:
- The importance of inventory level forecasting
- How to forecast your inventory levels using apps for Business Central
If you’re looking for ways to improve inventory management, read on and learn more about inventory level forecasting in Business Central.
The Importance of Inventory Level Forecasting
Inventory level forecasting is vital for several reasons:
- It allows you to plan for future inventory needs and make sure you have the products you need to meet customer demand.
- It helps you identify and address any potential issues with your inventory levels before they become a problem.
- It can help optimize your inventory levels and save money on inventory costs.
There are a few different ways to forecast your inventory levels in Microsoft Dynamics 365 Business Central. One option is to use the built-in forecasting tool. This tool uses historical sales data to predict future inventory needs. Another option, is to use a third-party forecasting tool, such as the Enhanced Forecasting Worksheet app from Insight Works.
The Enhanced Forecasting Worksheet App
The Enhanced Forecasting Worksheet App from Insight Works is an invaluable tool for forecasting inventory levels. The app allows you to view detailed metadata about past sales trends and quickly set the reorder point, maximum inventory, and reorder quantity variables. This makes generating more realistic production forecasts easier based on historical item usage trends.
Powered by the Microsoft Cortana Intelligence Suite
The Enhanced Forecasting Worksheet App uses Microsoft’s Cortana intelligence suite to help you transform data into intelligent action. The Cortana intelligence suite is a collection of technologies, all part of the Microsoft Azure cloud offering, that allows you to do things such as:
- Collect and process data from a variety of sources
- Build models to improve decision making
- Use machine learning to detect patterns and insights automatically
With the Enhanced Forecasting Worksheet App, you can take advantage of all these capabilities to create better inventory forecasts for your business.
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Dial-In Inventory Forecasts Using Filters
The Enhanced Forecasting Worksheet App comes with various filters that allow you to target your inventory forecasts better. The filters include:
- Item Number: This filter lets you view forecasts for a specific item number.
- Category: This filter lets you view forecasts for a specific class of items.
- Location: This filter lets you focus on a specific location when managing stock in multiple locations.
Avoid Stockouts
Inventory stockouts can be costly and frustrating for businesses of all sizes. The Enhanced Forecasting Worksheet app from Insight Works can help business owners to avoid stockouts by predicting the number of units needed for a given period. The app considers various factors, including sales history, seasonality, and lead time. This information is then used to generate a “Safe Stock Quantity” value that can be used to streamline inventory levels. Businesses can avoid stockouts and keep their customers happy using the Enhanced Forecasting Worksheet app.
Easily Update Reorder Parameters
The Enhanced Forecasting Worksheet from Insight Works makes it easy to update the reorder parameters for your business. You can set the reorder point, maximum inventory, and reorder quantity variables for each given time period. This allows you to keep your business running smoothly and ensure you never run out of stock.
Fine-Tune the Historical Data Used for Forecasts
The Enhanced Forecast Worksheet is a powerful tool that lets you customize the parameters used to generate item forecasts. By setting the number of historical periods and confidence levels, you can create forecasts that are tailored to your needs. This flexibility makes the Enhanced Forecast Worksheet an essential tool for anyone who wants to get the most accurate predictions possible.
Forecasting inventory levels is an essential task for businesses of all sizes. The Enhanced Forecasting Worksheet app from Insight Works makes it easier than ever to generate forecasts based on historical sales data. With the app’s easy-to-use interface, you can customize the parameters used to generate your forecasts and ensure that your business never runs out of stock. Thanks to the Cortana Intelligence Suite, the Enhanced Forecasting Worksheet app can help you fine-tune your inventory management process and keep your business running smoothly.
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