Predictive Analytics for Inventory

Predictive analytics for inventory are technologies that use customer and market data to forecast a brand's future inventory needs.

What Is Predictive Analytics for Inventory?

Predictive analytics use technologies and algorithms to analyze data and derive insights about the future. Brands that use predictive analytics for inventory focus on projecting future customer demand and its impact on inventory needs. This data enables brands to avoid stocking out of or overstocking items — both of which can impact earned revenue and a brand's bottom line. Predictive analytics for inventory can also impact other areas of the business, including supply chain processes, product pricing, strategic sales events, and more. It can also help improve relationships with manufacturers, suppliers, or third-party vendors, as having a better idea of future inventory needs can result in more proactive ordering and information sharing.

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