POS Pro: Scientific Purchasing

“The right product at the right time”
Where the Replenishment method merely replaces inventory that has been sold, Scientific Purchasing uses sophisticated calculations to forecast your inventory requirements. This method will ensure that you order only what is in demand and that you don’t replace stock that is unpopular or out-of-season. In order to accomplish this, Scientific Purchasing uses a combination of statistical tools to measure trends and then predict future requirements based on those trends. Linear regression is used to determine average daily demand for past periods. This average is then used to predict how much stock you will sell until your next order is received. Changes in the retail price due to promotions or price increases are also considered, as are current inventory on hand, orders due to arrive, bonus sizes, case packs and seasonal fluctuations in demand.

Whether you use Replenishment or Scientific Purchasing, the addition of either of these modules will allow your orders to be generated automatically overnight using the Order Schedule Editor. In fact, you can schedule orders to be generated for different vendors on different days of the week. Then, all you need to do is review the system’s recommendations, make any adjustments you feel are necessary and send your order.

Scientific Purchasing predicts future stock requirements using a variety of statistical tools and then explains how the recommendations were derived.