There’s a weird misconception in the world of small business and it’s one that can easily cost a company thousands. The problem? Small companies think they can’t be helped by sales forecasting. For too long, smaller companies have thought this type of business intelligence can only help larger companies but the fact is that forecasting directly impacts inventory which, of course, is the lifeblood of any company.
Sales forecasting can be used to improve work and inventory flow from purchasing to sale and every point in between. It can even help with warehouse and storage logistics, improving shipping times, warehouse organization and productivity.
So how does it work? The relationship between sales forecasting and inventory management is pretty simple. Essentially, being able to estimate what you need helps you budget for purchasing, assign premium warehouse space and schedule deliveries to retail stores and direct customers more effectively.
To most small business owners, that all sounds great in theory but how do you actually implement it in the real world? By combining your sales forecasting inventory tool applications through cloud based interactive packages. This simply means choosing software packages that can easily communicate and share information with other applications.
Luckily, there are a number of versatile, robust and well-rounded packages that can accomplish this goal. Cloud based inventory programs are being designed with this level of versatility in order to make them more appealing and more useful to small businesses now and as those companies grow. By choosing a program that is able to expand through the use of add-ons and compatible programming, you can put a foundation of software in place that can grow and adapt along with your company’s needs.
Business intelligence and sales forecasting are no longer to sole purview of big business. Today, every company from start-ups to Mom & Pop companies can see a surge in productivity, efficiency and, ultimately, growth.
