5 Steps to Implementation
1. Forecast based on demand instead of sales. Improve the accuracy of your buys by considering changes in demand, rather than basing your entire decision on past sales performance.
2. Consolidate demand streams across all selling channels. This allows you to take advantage of special pricing while gaining internal efficiencies that save money.
3. Identify when inventory needs will occur. Then schedule shipments accordingly to reduce inventory costs and back orders while increasing sales and the overall customer experience.
4. Plan multiple smaller buys. This enables you to optimize pricing and shipping, reduce warehousing costs and back orders, and it makes it easier for vendors to manage their own inventories.
5. Monitor inventory levels and demand. This way, you can respond to changes in actual demand and make changes to minimize risk. —RG