With the fashion industry struggling to stay sustainable in the wake of fast-fashion, it’s difficult to reduce your carbon footprint. Constantly creating more styles to keep up with the ever-changing trends often leads to over-producing. As a result fashion business are not maximizing profits and adding waste to the already overflowing landfills. This is why AIMS360 leveraged artificial intelligence to create forecasting.
To help create a more sustainable future, and optimize sales, AIMS360 Apparel ERP has an advanced AI fashion Production Forecasting Report! The Forecasting Report allows apparel brands to understand where they are in production. You can prevent overstock by knowing how much styles/colors in inventory you need to reorder.
What is Forecasting and How Does it Work?
The AIMS360 Forecasting Report uses an artificial intelligence algorithm to combine current sales, sales history, inventory, and future WIP production to report accurate future inventory sales. It works like magic!
“Before the Forecasting Report, it could take more than a week to manually reorder units,” said Shahrooz Kohan, CEO of AIMS360. “Now our users can use this feature to more accurately replenish inventory while saving them time and money. It’s just another way AIMS360 provides better ROI to our clients.”
The feature, in a sense, will foreshadow how much more styles and colors you will need to produce. As you produce and sell more units, the report recalculates how much will be needed to produce. Based on your needs, you can select the specific forecast periods that you desire, as well as the specific styles you want to run the report against. You can use this feature at any time, but to better help the user, you can choose the specific forecast period desired. Set your forecasting period to either three, six, or 12 months ahead to better help your business.
Add Replenishment Codes to Save Time and Maximize Profits
We want to provide you and your brand(s) with the most accurate information as possible to help you maximize profits. Therefore, our Forecasting Feature considers your replenishment amount. Place your replenishment percentage higher or lower, depending on how much you want produced, and the feature will reflect it.
Why You Need to Set Your Replenishment Percentages
Let’s say you’ve been producing a dress for several seasons and want it phased out of your collection. You can lower the replenishment amount in your system and forecasting units will automatically decrease. Or, another instance, imagine you have a new style that you believe will sell incredibly well in the upcoming season. You can increase your replenishment amount to produce more of the product. While the feature utilizes its own data, adding your own replenishment percentages creates an accurate forecasting report unique to your business.
It’s important to note that the Forecast Report won’t calculate any forecast on styles that don’t have a replenishment code assigned.
Small Companies Can Win Big Too!
At AIMS360 we want to provide our clients with the best features and integrations so they can grow and better their business. When creating this forecasting feature, optimization was the main goal, “Optimization is extremely important to us,” said Kohan. “Right now in the competitive landscape, bigger companies have access to features like this and smaller companies did not. We’re bringing a sophisticated feature to every client so they can optimize their business and stay competitive.”
With this feature, AIMS360 users are able to stay ahead of competitors, organize inventory, and create a more sustainable future.
For existing customers that would like a step-by-step process on how to use our Forecasting Report, please read our KB article here.