Top 13 Inventory Forecasting Software for 2024

Let's face it, running a business without inventory forecasting tools is like navigating a ship without a compass. You might end up with a mountain of products nobody wants (hello, overstocking) or worse, run out of the hot-selling items (hello, stockouts).

Both scenarios can burn a hole in your pocket. But, there's a silver lining!

Inventory forecasting software can come to your rescue. These nifty tools can help you strike the perfect balance in your stock levels, slash unnecessary costs, and keep your customers grinning from ear to ear. So, are you ready to elevate your inventory management game? Let's dive in!

Key Takeaways

• Inventory forecasting software assists businesses in optimizing stock levels, reducing costs and improving client satisfaction.
• This article provides an overview of the top 13 inventory forecasting software solutions available to support businesses of varying sizes and industries.
• Key features to consider include integrations with existing systems, data-driven forecasting, purchase order management & real time reporting capabilities.
• New platforms like Akkio take inventory forecasting a step further with end-to-end AI workflows and automations that help optimizing your stock.

The Importance of Inventory Forecasting Software

Businesses rely on inventory forecasting software to make knowledgeable decisions about their stock levels and supply chain management. By analyzing historical sales data, market trends, and other relevant factors, these tools enable companies to predict future demand accurately. This, in turn, helps businesses optimize their inventory levels, reducing the risk of overstocking, stockouts, and increased costs.

Enhancing client satisfaction is another benefit of forecast accuracy, as it ensures product availability aligns with customer needs.

Optimizing Stock Levels

Optimizing inventory levels is all about striking the right balance between having enough inventory to meet customer demand without overstocking or stockouts. Inventory forecasting software helps businesses achieve this balance by monitoring product movement, past sales, and current inventory levels.

Reducing Costs

Inventory forecasting software is a vital tool for businesses, offering significant cost reductions. It ensures businesses only order necessary inventory at the right time, avoiding overspending on items that might become obsolete. It also reduces carrying costs related to warehouse storage. Additionally, accurate demand forecasting minimizes lost sales due to stockouts, further contributing to cost savings.

Improving Customer Satisfaction

Keeping customers happy is the name of the game in any business, and inventory forecasting is a key player in this. By accurately predicting what your customers want and when they want it, you can ensure you've always got the right products on hand. No more empty shelves or disgruntled customers, just a well-stocked business ready to meet customer demand!

Top 13 Inventory Forecasting Software Solutions

We’ve curated a list of the top 13 inventory forecasting software solutions on the market to assist you in finding the best fit for your business. These tools cater to a variety of industries and sizes, and each offers a unique set of features and capabilities.

Akkio

Akkio is an AI-driven platform that offers the following features:

• Data privacy and security
• No-code predictive modeling
• Improved performance
• Identification of growth opportunities
• Easy data analysis with data preparation and exploration via a chat engine

Some unique features of Akkio include machine learning-driven analytics, data encryption, and access control. The platform also offers user-friendly data visualization tools and seamless integrations with popular data sources.

Pricing for Akkio starts at $49 per month, with a free trial (no credit card required) available. The screenshot comes from a real forecasting example in the platform.

Inventory Planner

Inventory Planner is a comprehensive solution designed for e-commerce and multichannel sales, offering data-driven forecasting, purchase order automation, and integrations with popular e-commerce platforms. This tool helps businesses streamline their inventory management processes and make data-driven decisions to optimize stock levels and reduce costs.

Some standout features of Inventory Planner include gross profit and inventory value reporting, as well as customizable forecasting settings for various sales channels. On the downside, Inventory Planner may not be suitable for heavy manufacturing companies or those with highly specialized forecasting needs.

Logility

Logility’s Digital Supply Chain Platform combines AI and analytics to help businesses respond quickly to market conditions and optimize inventory planning. This platform offers a robust suite of tools designed to enhance entire supply chain management and demand planning.

Logility’s unique features include AI-driven demand forecasting, real-time visibility into inventory levels, and automated alerts for potential stockouts or excess stock or excess inventory. However, companies with simpler inventory needs or smaller budgets may find Logility’s features overwhelming or costly.

Infor Planning & Forecasting

Infor Planning & Forecasting is a cloud-native platform that offers enhanced speed, adaptability, and accuracy for supply chain and warehouse management. With customized solutions tailored to various industries, Infor helps businesses optimize their supply planning processes and make more informed decisions.

Infor Planning & Forecasting, a demand planning software, offers features such as advanced demand planning, multi-echelon inventory optimization, and cloud-based deployment. However, some users may find the platform complex or challenging to configure and implement. The UI could be improved.

Oracle Retail Demand Forecasting Cloud Service

Oracle Retail Demand Forecasting Cloud Service is a comprehensive suite of tools designed for retailers. This solution offers:

• Advanced demand forecasting capabilities
• Inventory management capabilities
• Data-driven decision-making
• Optimization of supply chain operations

Unique features of Oracle Retail Demand Forecasting Cloud Service include advanced analytics, predictive modeling, and real-time data integration. However, the platform does not offer third-party integrations, and implementation and configuration can be complex.

Netstock

Netstock is a web-based inventory forecasting solution built for ERP systems. This tool offers real-time data, automated alerts, and product classification for accurate demand forecasting, making it an excellent choice for businesses looking to optimize their inventory control processes.

Some of Netstock’s standout features include invoicing, inventory tracking, and order management capabilities. Its drawbacks include a lack of advanced forecasting features and limited third-party integrations.

Management One's Retail Orbit

Management One’s Retail Orbit platform focuses on retail, improving planning with predictive forecasting of demand using POS integration. This cloud based software solution helps retailers optimize their inventory management processes and make informed decisions based on accurate demand forecasting.

Retail Orbit’s unique features include online inventory management, order fulfillment, and manufacturing process assistance. On the downside, the platform may not be suitable for businesses outside the retail industry or those with complex inventory needs.

Restock Pro

eComEngine has developed a forecasting tool called Restock Pro, which is especially designed for Amazon FBA sellers. It helps to optimize inventory management and maximize sales performance. This comprehensive tool provides inventory management and consumer demand forecasting features to help businesses optimize their inventory levels and reduce costs.

Some standout features of Restock Pro include simplified forecasting processes for never-out-of-stock (NOOS) and seasonal products, as well as a visual overview of potential future stockouts. However, Restock Pro may not be suitable for businesses with complex inventory needs or those operating outside of Amazon FBA.

EazyStock

EazyStock is an inventory forecasting software that offers the following benefits:

• Automates inventory calculations for small businesses and midsize brands
• Leverages advanced algorithms and statistical models to optimize inventory management processes
• Helps businesses make more informed decisions

Unique features of EazyStock include group EOQ calculation and automated inventory calculations. However, the platform may not be suitable for larger organizations with more intricate inventory forecasting requirements.

Lokad

Lokad is a robust inventory forecasting software that harnesses the power of advanced analytics and complex data processing capabilities.

It offers real-time inventory tracking and advanced demand forecasting, and it seamlessly integrates with many existing systems, providing a smooth transition for businesses.

With the help of Lokad's advanced algorithms and real-time data analysis capabilities, businesses can accurately predict future demand and optimize their inventory levels, making it a key player in the realm of inventory forecasting.

GMDH Streamline

GMDH Streamline is a robust inventory forecasting solution that helps businesses optimize their supply chain operations. The key features of GMDH Streamline include data-driven forecasting, advanced analytics, and real-time reporting capabilities.

With GMDH Streamline, businesses can leverage powerful forecasting models and real-time data to make informed decisions about their inventory levels.

Relex

Relex is a comprehensive inventory forecasting solution that helps businesses optimize their supply chain operations. Key features of Relex include advanced demand forecasting, real-time inventory tracking, and seamless integration with existing systems.

With Relex, businesses can leverage advanced algorithms and real-time data to accurately predict future demand and optimize their inventory levels.

SmartForecasts

SmartForecasts is a robust inventory forecasting software that offers businesses a comprehensive suite of tools for optimizing their supply chain operations. It provides features such as demand planning, safety stock optimization, and real-time reporting.

With its advanced algorithms and predictive analytics, SmartForecasts enables businesses to make accurate forecasts, manage inventories effectively, and make informed decisions about their supply chain operations. It may not be suitable for businesses with limited budgets or simple inventory needs.

Key Features to Consider in Inventory Forecasting Software

Consider key features like:

• Integrations with existing systems
• Data-driven forecasting
• Purchase order automation
• Real-time reporting capabilities

To choose the right inventory forecasting software, look for key features that ensure smooth integration and accurate insights for inventory management.

Integrations

Integrations with e-commerce platforms, inventory management systems, and accounting tools are essential for accurate demand planning and seamless inventory management. By integrating your inventory forecasting software with existing systems, you can streamline processes, minimize costs, and enhance client's satisfaction.

Data-Driven Forecasting

Data-driven forecasting is a powerful approach to making informed decisions based on historical sales data and market trends. By leveraging advanced predictive analytics and predictive forecasting models, businesses can generate accurate forecasts that enable them to optimize inventory levels and make better decisions about their supply chain operations.

Purchase Order Automation

Purchase order automation offers several benefits for businesses:

• Streamlines the purchasing process, saving time and increasing accuracy
• Reduces the likelihood of errors
• Minimizes costs
• Ensures that the right products are ordered at the right time

By automating the creation and submission of purchase orders, businesses can take advantage of these benefits.

Real-Time Reports

Real-time reports provide up-to-date insights into inventory levels, sales performance, and demand forecasting, enabling businesses to make informed decisions about their supply chain operations. By accessing real-time data, businesses can quickly identify trends, address potential issues, and optimize their inventory management processes.

Implementing Inventory Forecasting Software

To implement inventory forecasting software effectively, you need to take several critical steps. These include preparing relevant data, training employees, and continuously improving the software. By properly integrating the software into your business processes, you can maximize the benefits of this powerful tool.

Data Preparation

Accurate inventory forecasting hinges on proper data preparation. This includes uploading historical sales data and organizing inventory data in a way that allows the software to generate accurate forecasting estimates. By ensuring that your data is clean, accurate, and up-to-date, you can improve the accuracy of your forecasts and make more informed decisions about your inventory levels.

Employee Training

For your staff members to become familiar with the software and manage inventory effectively, employee training is indispensable. By investing in comprehensive training for your employees, you can ensure that they are equipped with the knowledge and skills needed to make the most of your inventory forecasting software.

Continuous Improvement

Regularly refining the implementation of your inventory forecasting software is integral to its success. By regularly reviewing and updating your inventory forecasting processes, you can ensure that your software is effectively integrated into your business processes and that it continues to provide accurate and actionable insights. This ongoing process will help you optimize efficiency and accuracy, ultimately improving your bottom line.

Summary

Inventory forecasting software is a powerful way to help businesses optimize stock levels, reduce costs, and improve client satisfaction.

By carefully selecting the right software solution and ensuring proper implementation, businesses can make informed decisions about their inventory and supply chain operations. Leading solutions in the AI space include Akkio, while other industry leaders include Logility and Inventory Planner.

What's best for you depends on your inventory size, budget, and maybe more importantly, what resources are available in your team to support the software.