Often when a business is small and starts growing, they plan inventory and pricing using traditional spreadsheets. In the beginning, this naturally seems the most cost effective and logical thing to do. But with growth, this becomes rapidly outdated. Not only is this a time-consuming process, but it lacks the ability to detect patterns in the data, let alone generate insights. Over 90% of spreadsheets used for inventory planning contain some kind of error.
Wholesalers, retailers and manufacturers around the world are facing the economic fallout of COVID-19. Many small-to-medium sized enterprises (SMEs) are in survival mode after delayed or dwindling sales, not being able to enter their premises for several weeks or having to pull the plug on major projects. Add changing lead times, other supply chain issues, and shifting consumer behaviour, and it can spell disaster for your cashflow. So getting out ahead by forecasting demand is essential for SMEs right now.