Sales by Part and Historical Demand Forecasting in Cetec ERP
Manufacturing businesses thrive on data-driven decision-making. For small to mid-sized manufacturers, understanding sales or inventory consumption patterns and forecasting demand is essential to maintain efficiency and profitability. Cetec ERP provides tools that make analyzing sales data and generating accurate demand forecasts simple and effective.
For example, Cetec ERP enables users to report on sales history by part, encompassing both open orders and invoices. Filtering by date range makes it easy to extract actionable insights, such as:
- Order as Used / Invoice as Used: Quickly evaluate historical demand trends by analyzing how parts are consumed and invoiced over time.
- Set Pricing Analysis: View price changes over specific date ranges to understand their impact on demand and revenue.
- Quote History: Access detailed historical data on quotes, helping sales teams refine future proposals.
These features empower manufacturers to evaluate historical demand and sales data for each part, providing a granular understanding of sales and inventory trends. Once users extract sales data, Cetec ERP allows the export of this information for further comparison and augmentation. For instance, manufacturers can:
- Analyze Demand Impact of Price Changes: By tracking price trends and their correlation with demand, manufacturers can assess how price adjustments or promotions influence part sales.
- Develop a Sales Forecast: Combine open order data with historical demand to create predictive sales models that account for seasonal trends, market shifts, and promotional strategies.
- Generate a Promoted Forecast: Use anticipated sales lifts from promotions to adjust inventory and production plans by importing the updated forecast back into Cetec ERP.
Cetec ERP supports importing and periodically refreshing these forecasts. Manufacturers can integrate basic demand models, then evaluate changes in pricing or promotions, and their subsequent impact on inventory planning and demand. Historical data on sales performance provides a baseline against which promoted forecasts can be measured, enabling continuous improvement in forecasting accuracy.
For instance, a pricing adjustment might increase demand for a part during a specific timeframe. By inputting this anticipated lift into the system, manufacturers can proactively manage inventory to avoid shortages or overstocking.
The strength of Cetec ERP lies in its integration of sales, pricing, and demand forecasting tools. With these, small and mid-sized manufacturers can:
- Improve inventory planning by understanding historical and forecasted demand.
- Reduce manual efforts by automating data imports and forecast refreshes.
- Use actionable insights to respond effectively to market conditions.
This powerful combination of tools not only improves operational efficiency but also enhances the ability to deliver on customer expectations.For more on how Cetec ERP can empower your manufacturing operations, visit Cetec ERP’s website.