When should I do inventory forecasting?

Asked 2 years ago

I want to predict my inventory levels for next month. Should I do my inventory forecasting at month's end or at the beginning of next month?

Parker Waters

Monday, June 27, 2022

Inventory forecasting entails analyzing data to find purchase patterns and trends in response to varying conditions and client demands. Start with a forecast of future sales to determine how much inventory you should have on hand. Sales for the following 30 days are anticipated based on previous sales velocity and product seasonality. Hence, do your inventory forecasting towards the end of the month. Seasonal items necessitate additional attention when calculating forecasts, so they are predicted based on the previous year's trends.

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