According to recent research, omnichannel shopping engagements will continue to dominate the retail space (with the supporting platform market expected to have a 21.48% CAGR between 2017-2023). The increasing complexity of customer touchpoints calls leaders to architect a seamless brand experience across both digital and physical channels; including direct e-commerce, brick and mortar, as well as worldwide networks of distributors and retailers. Vanguard’s inventory forecast management software enables apparel and retail companies to increase lead times, reduce costs, and improve customer experiences.
Seamlessness requires speed and supply. Ensuring that you have the right amount of product available to meet unexpected demand and distributed to the right places for fast shipment necessitates a planning platform that is able to unify demand planning, sales and operations planning, and supply planning in order to provide a data communication and team collaboration hub. A modern inventory forecast management software system reveals the impact of an action taken in one planning area across the entire supply chain.
Inventory Forecasting Software
Additionally, brands may see an increasingly limited ability to collaborate and validate sales forecast data, which is a key input to operational planning. Why is this happening?
For starters, sales forecasts are notoriously inaccurate, because salespeople are not forecasters. Sales typically employ judgment-based forecasting, which calls on intuition and experience, but is not suited for discerning trends and patterns in large data sets.
Moreover, coordinating and managing a multitude of bias-prone judgment forecasts in spreadsheets can be cumbersome and take weeks or months to finalize. Contributors across the globe may be working in silos, speaking various languages, and using different processes. Coming to a consensus on the value of projected sales may seem near impossible without the support of advanced technology designed to capture and combine crucial Sales team insight with statistical baseline forecasts generated from historical sales data.
Inventory forecasting software that is predictive and collaborative uses AI-based, cloud-native technology to enable footwear and apparel brands to anticipate future production needs, optimize product distribution, and reduce costs through better SKU rationalization and historical data performance analysis.
Fortunately, we’ve seen even footwear giants are using technology built exactly for this purpose – getting the forecast right despite all odds. One brand came to Vanguard Software requiring a solution that would support the input of critical insights from the Sales teams about changes in the market like new customers, retailers, channels, trends, and products. The company needed a inventory forecasting software that was flexible, unified, and supported a global rollout. Vanguard delivered.