Maintaining Optimal Inventory with AiHello
Inventory forecasting is the need of the time for retailers as well as wholesalers. They can use it to determine their requirement of goods or inventory in the near future. It is mainly a predictive analysis that is mainly based on the reorder points and the order quantities. The reorder points tell us when we should order a particular inventory item and the Economic Order Quantity tells us how much we should order. Both are evaluated using special formulas. There are many factors involved in the process of stock forecasting. For example, there is a forecast period for which the prediction is made, the trends of the items in terms of their sale, and the base demand or the current supply of the goods. It is paramount for any retail business owner to have a complete analysis of his present stock and the future state of his inventory leveraged with the demand of the consumes. Estimating the future product demands is the starting point for any business to begin planning a