Now that you have learned what the eight top reasons for stockouts in a company are, we are going to tell you how to prevent these out of stock scenarios with Thrive Technologies software. Since reducing stockouts increases sales, improves customer loyalty, and increases repeat business, it is very important to make sure stockouts happen as little as possible. Some ERP systems only alert you to out of stocks when you try to sell the item, which is certainly not a proactive inventory system. And then, in response, the company's buyers will try their hardest to avoid another stockout by overloading on inventory- which often results in carrying too much stock. So, how does Thrive Technologies software increase revenues and customer satisfaction through reducing lost sales- without carrying too much inventory? Here are the 8 ways you can prevent stockouts with Thrive Technologies.
1. Thrive Recalculates Optimal Quantities and Timing at Least Once per Day and Informs Buyers of Potential Lost Sales
2. Thrive Software Alerts Buyers of Unusually Large Sales That Jeopardize Service Level
3. Industry Leading Forecast Accuracy Uses over 400 Forecast Variations to Detect Even Subtle Trends
4. Calculates Sales Volatility of Each Item to Determine the Optimal Amount of Safety Stock to Carry to Prevent Stockouts
5. Forecasts Seasonal Patterns Automatically and Accurately – Buys in Front of Season & Slows Buying During Season Considering Each Item’s Lead Time
6. Facilitates Adjustments to Forecasts for Promotional Activity
7. Analyzes and Forecasts Lead Times. Calculates Variances by Item by Vendor.
8. Monitors New Item Sales Daily and Notifies Buyers of Heavy Volume
In addition to these eight tools that Thrive Technologies' inventory forecasting software features, it also increases profits and cash flow since it does not overstock on slower moving items. Also, the software reduces inventory in non seasons which results in freed up working capital.
All things considered, Thrive Technologies is the industry leading system available to prevent stockouts and maximize inventory potential. If you would like to learn more or schedule a free demo to see how Thrive can work for your company, please contact us today.