How to manage Supply in ForecxtIQ

Supply Management

Select the Supplier menu from the left navigation menu. (A supplier dashboard screen will appear on the right side of the navigation menu).

Now Click the Add Supplier button at the screen’s top right corner. (A dialog box will appear on the screen)
Fill in all the details in the text field and hit the Add Supplier button.

You will see the supplier is added in the form of a list in the dashboard.
Add products the supplier can supply, and also maintain key attributes such as the purchase cost of the product from the supplier and the lead time required to deliver the product from the supplier. These attributes will aid in demand forecasting using AI ForecxtIQ Models. (Note-A product can have multiple Suppliers)

Based on the purchasing cost and lead time maintained for a product across suppliers, an average purchase cost and lead time are calculated at the product level.

Managing your supply chain effectively in ForecxtIQ is essential for accurate demand forecasting and optimal inventory planning. Follow these steps to add and manage suppliers in ForecxtIQ:

Step-by-Step Guide to Managing Suppliers in ForecxtIQ

Access the Supplier Dashboard

Navigate to the Supplier menu from the left-side navigation panel. The Supplier Dashboard will appear on the right side.

2. Add a New Supplier

Click the Add Supplier button located at the top-right corner of the dashboard. A dialog box will appear.
Fill in the supplier’s details in the provided text fields and click Add Supplier to save.

3. Manage Supplier Details

Once added, the supplier will appear in a list format on the Supplier Dashboard.

Add the products that each supplier can provide and maintain important attributes, such as:
- Purchase Cost: The price at which the supplier provides the product.
- Lead Time: The time it takes for the supplier to deliver the product.

4. Optimize Supply Management with ForecxtIQ AI Models

- The system will calculate the average purchase cost and lead time for each product across multiple suppliers. These details are crucial for accurate AI-driven demand forecasting in ForecxtIQ.

ForecxtIQ is an AI-driven demand planning SaaS solution utilizing specialized machine learning models for forecasting demand and revenue projection, enabling efficient resource allocation and optimal inventory maintenance. As a comprehensive inventory management program, it offers features like demand forecasting with historical sales data and What-If Analysis, categorizing products into ABC classes, and an AI Copilot for decision support. The platform also optimizes supplier and purchase order management, integrates seamlessly with Shopify inventory management, ensures no missed sales through backorder management, and assists in product management with stock alert notifications. With streamlined operations, proactive inventory management, and advanced sales forecasting, ForecxtIQ empowers businesses to make data-driven decisions, reduce churn, and boost revenue.