Typical store has tens to hundreds of thousands of dollars tied up in overstock and the same amount is lost in understock.
Inventory Planner is a daily planning tool for reducing overstock and understock in your inventory.
Inventory Planner automatically forecasts the number of units to replenish for each individual product. It saves your time on manual computation and increases precision.
Sales forecasting is tricky. To do it right, we need to look at past sales to determine possible trends, check for how long products were out of stock to adjust the demand, take into account the product seasonality.
For the most effective demand forecasting you need true demand history, not just sales history. Inventory Planner provides this critical piece by identifying periods of insufficient stock, which are then used to calculate lost sales.
The science of demand forecasting isn't all-knowing. Sometimes you have "insider" knowledge the system doesn't, such as an upcoming price change, a past one-time promotion or a future business expansion. Inventory Planner lets you make manual forecast adjustments for situations like this.
Open-to-buy planning allows buyers to track the amount available to invest in further inventory. Aligning your financial goals and assortment plans helps to ensure that sufficient stock levels are available and over-buying is minimized.
Inventory Planner identifies list of products for most effective promotion. But more importantly it shows you why exactly these products are not selling. The list is ready-made, no more spreadsheets or paper calculations.
Inventory Planner keeps track of your stock and allows you to browse the historical stock data. You can see how much stock you had in the past, what was its cost value and how your turnover changes over time.
Consider me an evangelist for Inventory Planner. This is honestly the best program out of any our company uses. Hands down, no contest. They are THE BEST.
The services provided by Inventory Planner replace what would otherwise take at least a full-time person (on a very small team) to do not even half as well. Our inventory control is on point. We now carry half of the inventory on hand compared to what we had 9 months ago because we can see what we will really need and focus on those SKUs rather than being overstocked in variants and products that won't move as well.
Not only that, but the Inventory Planner team is so quick to make improvements (ranging from 10 minutes to a max of 2 days from suggestion to implementation) that they put all other companies to shame. I've suggested at least a dozen tweaks to them including some that were just 'wish list' items. They've implemented all of them and done so most times the same day.
Do yourself a favor and install this app.