FTx POS Introduces Innovative Inventory & Sales Forecasting Tool

We at FTx POS are excited to announce the launch of FTx BI Analytics, our business intelligence (BI) inventory and sales forecasting tool designed to simplify inventory management and empower retailers with smarter sales planning.

Staying true to FTx’s mission to provide innovative solutions that make running a business easier, this new tool is now available across all FTx POS platforms and will transform the way businesses manage their operations.

What the New Feature Does

Tired of playing guessing games with inventory? FTx BI Analytics takes the stress out of stock management. By leveraging your sales data and trends, it automates crucial forecasting tasks so you can focus on driving your business forward.

Key features include:

• Accurate Demand Prediction: Harness historical data to forecast sales and predict product demand.
• Tailored Reorder Suggestions: Avoid overstocking or running out of products with recommended reorder quantities.
• Out-of-Stock Adjustments: Accounts for items that would’ve sold if they hadn’t run out, giving you more precise data.
• Anomaly Detection: Filters out irregularities like unexpected sales spikes or drops to ensure results are reliable.
• Real-Time Refinements: Compares forecasts with recent sales to dynamically adapt to trends.
• Visual Forecasts: Easy-to-read charts and insights on the “Edit Product” page make inventory decisions a breeze.
• Customizable Controls: Automate reordering fully or review suggestions manually to maintain control.

Take control of your inventory like never before! Boost your profits, save valuable time, and eliminate guesswork with our advanced forecasting tool. See how it can transform your business today. Check it out now!

Why It Matters to Retailers: Benefits for Businesses

Retailers know that inventory management can be a challenge, but this tool is here to make it easier.

By automating processes that used to take hours, our forecasting tool gives you back your time while delivering tangible results.

Here’s what you can expect:

• Save 15+ Hours Weekly: No more endless manual calculations; automation takes the wheel.
• Improve Cash Flow: Keep inventory levels in check and free up funds for other priorities.
• Minimize Errors: Manage stockouts or overstock situations with greater precision.
• Enhance Customer Satisfaction: Always have the right products available when customers need them.
• Plan for the Future: Get clear insights into seasonal trends and upcoming demand so you can strategize with confidence.

Learn how to make smarter inventory decisions with Zack! See how BI Sales Forecasting makes your orders more accurate and handles tough scenarios like a pro.

How It Works: Feature Breakdown

FTx POS’s BI inventory and sales forecasting tool is designed to make managing your inventory effortless and intuitive.

Here’s how it works:

1. Forecasting 30 Days Ahead

The system predicts inventory needs for up to 30 days. It begins by calculating the next day's requirements and continues day-by-day until the 30th day. This approach accommodates different ordering frequencies, such as weekly or monthly.

2. Analyzing Sales History

Each forecasted day is calculated using data from the past 45 days of sales. The process factors in parent-child product relationships, ensuring predictions are comprehensive and accurate.

3. Identifying “Bad Days”

To avoid skewed data, the system identifies and adjusts for anomalous days, referred to as "bad days."

These include:

• Out-of-stock days, where no sales occurred due to a lack of stock.
• Abnormal sales days, such as unusually high sales from promotions or irregularly low sales from external factors like holidays.

The affected days are replaced with estimates based on local sales trends, ensuring realistic forecasting.

4. Fine-Tuning Predictions

The system periodically adjusts forecasts to account for real-world fluctuations. If recent demand exceeds or underperforms predictions, future forecasts are recalibrated to match trends more closely.

5. Placing Orders with BI Forecasting

When you're ready to create an order, the system uses these predictions to suggest quantities. Optional filters allow you to customize orders further by categories, departments, or product tags.

For added convenience, the system displays prediction data across timeframes (7, 14, or 30 days) and provides graphs for easy analysis.

For more information, visit the knowledge base article.

Get Started Today

FTx BI Analytics is ready to transform the way retailers manage inventory. Start using it today to forecast smarter, streamline operations, and boost customer satisfaction.

If you have questions or need guidance, reach out to our support team. With FTx POS, you can forecast smarter and sell better every step of the way.

Imagine smarter forecasting at your fingertips. Let's make it happen! Reach out to schedule a consultation and see FTx BI Analytics in action.