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Inventoro is an inventory forecasting software, which helps users to keep inventory small and the availability of goods high. Inventoro uses enterprise-level algorithmic forecasting to determine future demand. It does so by reading historical sales data, forecasting future sales, and then creating an optimal purchase order list for each day. In short, Inventoro helps you to buy only the stuff that will sell and only in the minimum safe amount you will need to satisfy future demand.
Inventoro will recalculate your sales forecast every night for every single SKU on the lowest possible location. For example, if you sell a T-shirt in five sizes and have 4 points of sale (e-shop, two brick and mortar shops and wholesale), then Invnetoro will calculate 20 separate sales forecasts for each item and point of sale alone. In the app, you may wish to look at the forecast for the whole company or filter down by warehouse, supplier, or any single SKU alone. Inventoro is also transparent in sales forecast accuracy. Again, you can see the accuracy of the forecast for any given item alone. Inventoro uses over 100 algorithms that use different techniques of forecasting. Typically, these focus on core sales drivers like seasonality, sudden sales spikes, or price promotions among many other.
Winners and losers
Winners and Losers do one simple, yet largely appreciated, task. They divide your product portfolio into three categories according to the Pareto principle. Winners are your top-selling cash cows, they need most of your attention and almost perfect availability. Chasers are the bulk of your portfolio. They sell occasionally but are still important for your portfolio size and customer satisfaction. Losers are just losers. They represent your dead stock. Goods that nobody buys. Newly added products fall into a separate category before they eventually become a Winner, Loser, or Chaser.
This feature is the most useful because it gives you recommendations on what to order, how much, and when. Replenishment is calculated from the Sales Forecast and in perspective with Winners and Losers. Simply follow these recommendations and see your inventory get smaller over time, while you increase your product availability (and sales) at the same time. No more stock-outs, no more overstock. Just the perfect level of inventory.
Purchase Order proposals back to Ongoing WMSInventoro will send the purchase orders back directly to your Ongoing WMS profile. Enabling you to easily process all the purchase orders in one place.
To be able to activate the integration following information is needed. Gather the information and speak to your contact person at Ongoing WMS.
- Inventoro will require access to Ongoing WMS' API before they can set up the integration. Please see this guide on how to give someone API access to your Ongoing WMS.