When it comes to forecasting software, the playing field is diverse. Knowing which platform is the right one for your business can be a challenge. Here’s an insider’s guide to what to look for.
A Sensible Price
Forecasting software should neither be too expensive, nor too cheap. Expensive software is a red flag because with today’s digital and cloud capabilities, forecasting can and should be affordable. However, the strategy also needs to be secure, supported, and reliable. Bargain basement options tend to miss one or all of these crucial factors. Sensible, honest pricing is the sign of a good forecasting software partner.
No Unnecessary Extras
The days where people were forced into bundle-based package deals filled with unnecessary extras are almost – but not quite – consigned to history. Despite this, many organisations will still attempt to encourage clients to pay for data that they do not need, or will try to make companies invest based on their future growth projections rather than their current situation. Good forecasting software providers will embrace the natural flexibility of scalability and will enable clients to pay for what they require.
Choice & Personalisation
Organisational growth demands personalisation. No two businesses are identical, and neither are their forecasting requirements. Additional, tailored modules can provide an enhanced, more well-rounded view of sales data. This visibility can be used to guide investment, support decision-making, and reduce stress.
Sharing With Suppliers
Supply chains can easily become entangled. Miscommunications are frequent and frustrating, and this lack of coherence is passed on to consumers. When items are out-of-stock, everybody in the chain loses, and both profits and reputation take an inevitable dive. Advanced forecasting software enables suppliers to see the forecast plan, meaning they can also plan for the future. This keeps supply flowing smoothly. When two parties can make their future plans together, and with the same information, the result for both sides is increased efficiency.
Optimising Stock Volumes
Excess stock is one of the biggest areas of waste. This has a significant impact on long-term and short-term profits, as well as generating multiple inefficiencies. Ideally, forecasting software should track every item from delivery to point-of-sale, meaning that the algorithms can identify both the quantities of stock and the sales patterns. This means that purchasing requirements for the year ahead can be made with confidence.
Find Out More
Our Reflex forecasting software has been designed with efficiency, productivity, and reliability in mind. To find out more about how it could benefit your organisation, get in touch to arrange a free, no-obligation product demonstration.