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 But with growth, this becomes rapidly outdated.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.
That’s when growing businesses often seek a better solution for their inventory control, planning and replenishment by using an inventory planning software.
A quick google search will indicate that some software companies such as StockTrim have brought forecasting analytics to the cloud. StockTrim provides real time analysis of all inventory movements and projects these into demand models, replenishment suggestions and allows planning for all locations and time-frames.
With the right tools in place, businesses are able to begin viewing reports from a web interface rather than having to compile and circulate spreadsheets. In addition, frequently used reports, such as rolling forecasts, are updated automatically, which frees people up to do more value-add work. With this kind of analysis, the average StockTrim user sees substantial improvements in forecasting accuracy, and time saved in administration and analysis is around 75% which for many is at least 10 hours per month.
To increase productivity ANY business, not just SME’s should automate anything that is a repetitive task. Hunkering down over spreadsheets on a regular basis is something that can now be automated with StockTrim's smart AI based algorithms. This is all presented in any easily digested dashboard including charts and graphs for your average SME business owner. There is now no need to be a large corporate or a data scientist/inventory consultant to understand and implement what StockTrim is suggesting.
As Brian from Mega Distribution, a StockTrim subscriber in California comments - “It's all there, it’s automatic!”
StockTrim starts at $99 per month. Based on the research that over 63% of businesses fail to ship due to understocking, and 90% of their excel spreadsheet reports have errors, the impact of this is massive in revenue, profit and time. Why does it take SME’s so long to realise that the solution is at hand and they should break out of their old habits? That is a whole different article!
If you’re an SME with 100-20,000 SKU’s, and are having issues around inventory planning and demand forecasting, please contact StockTrim to try out our inventory planning software.