What is inventory analysis?

Inventory analysis is the process of examining your stock to optimize inventory levels, improve turnover rates, and boost profitability. It involves delving into data to understand product performance, identify trends, and make informed decisions about purchasing, warehousing, and sales strategies. At its core, inventory analysis helps businesses answer critical questions such as: Which products are selling fast, and which are not? How much stock should be kept on hand to meet customer demand without overstocking? When is the best time to reorder inventory to avoid stockouts or excess? Are there any seasonal patterns affecting inventory levels? By conducting regular inventory analysis, businesses can maintain the right balance of stock, ensuring they have enough to fulfill orders while minimizing carrying costs. This strategic approach leads to better cash flow management, satisfied customers, and a healthier bottom line. Phocas makes inventory analysis straightforward and accessible, empowering teams across your organization to engage with data and contribute to a more efficient inventory management system. With Phocas, you can easily track inventory metrics, visualize data trends, and create actionable reports that drive smarter stock decisions. Say goodbye to guesswork and hello to data-driven inventory control with Phocas.

What are the key aspects to look for in the best inventory analysis software?

When it comes to selecting the best inventory analysis software for your business, there are several key aspects to consider. The right software will not only provide deep insights into your inventory but also integrate seamlessly with your existing systems and processes. Here's a checklist to guide you in finding the perfect match: Data Integration Capabilities: Seamless integration with your ERP and other data sources Ability to consolidate data from various systems for a unified view Real-time Data Access: Live updates to track inventory levels and movements as they happen Instant visibility into stock status across all locations User-Friendly Interface: Intuitive design for easy navigation and use by all team members Minimal training required to get staff up to speed Advanced Analytics and Reporting: Comprehensive tools for analyzing inventory performance Customizable reports and dashboards tailored to your business needs Forecasting and Planning: Predictive analytics for accurate demand forecasting Tools for planning and optimizing inventory levels based on data insights Inventory Turnover and Health Metrics: Monitoring of key performance indicators (KPIs) like turnover rates and holding costs Identification of slow-moving or obsolete stock for informed decision-making Alerts and Notifications: Automated alerts for low stock levels, reorder points, and other critical events Proactive management to prevent stockouts and overstocking Scalability: Ability to grow with your business and handle increased data volume Flexible to accommodate new products, locations, and business changes Security and Compliance: Robust data security measures to protect sensitive information Compliance with industry standards and regulations Collaboration Features: Facilitation of cross-departmental collaboration and communication Shared access to reports and analytics for team-based decision-making Customer Support and Training: Access to knowledgeable support for troubleshooting and guidance Comprehensive training resources to ensure effective software utilization Phocas inventory analysis software ticks all these boxes, offering a comprehensive solution that empowers businesses to stay ahead of the curve. With Phocas, you can transform your inventory management into a strategic asset, driving efficiency and profitability across your operations.

Retail inventory analysis software

Empower your business to make informed decisions across various facets of retail management, from stock level analysis to inventory reporting and forecasting.

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4.8/5 on Capterra

4.6/5 on G2

Data integration Retail analysis Forecast demand Self-serve reports Streamlined budgets Smart inventory

Seamless retail inventory analysis

Manage stock: ensure optimal inventory levels with a clear, up-to-date view of what’s moving and what isn’t
Forecast: use budget Vs actuals to accurately forecast demand; see which products need replenishment, liquidating or to be moved between locations
Trend analysis: quickly pull together purchase history, sales forecasts, seasonal and market trends to accurately predict stock levels needed months in advance
Maximize profitability: with accessible, up-to-date data, purchasing and inventory teams can control pricing and improve supply chain planning

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Accurately forecast demand

Detailed: analyze patterns for different market segments such as customer demand by product class, geography, sales channel, purchase history
Reforecast: easy access to live actuals empowers teams to adjust forecasts to align with changing inventory needs
Seasonal: tap into historical data and analyze your seasonal retail trends to create more accurate inventory forecasts
Review: easily review your forecast accuracy by comparing it to actuals

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Self-serve ad-hoc reporting

Easy: create and automate profit & loss, balance sheet and cashflow statements for cross-functional teams in minutes
Accurate: reports update automatically with data pulled directly from your ERP + any other source
Self-serve: drill down into transaction-level data and drive improvements by branch, division, sales rep, product, customer
Customize: add visualizations or calculations such as revenue and gross profit per rep, or days stock cover that auto update

Streamlined budgets & forecasts

Time-saver: a user-friendly planning tool that speeds up budgeting and enables you to get more detailed
Accurate: use live actuals pulled from your ERP to accurately forecast your future balance sheet position and financial health
Consolidate: connect plans across the business in one place; financial budgets, sales forecasts, headcount and demand planning
Collaborate: improve cross-functional input and accountability with robust workflows and user-based permissions

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Based on hundreds of customer reviews on BARC.

7.8

Reporting / analysis

9.1

Recommendation

8.6

N/A

Product satisfaction

8.5

Predictive planning

8.5

2.8

Predefined connectors

8.4

8.0

Performance satisfaction

8.4

5.4

Planning content

8.3

9.6

Project length

8.3

N/A

Ease of use

8.0

9.4

Innovation

7.7

4.2

Implementer support

7.6

5.2

Vendor support

7.4

6.8

Project success

7.2

N/A

Driver-based planning

6.8

Source: The Planning Survey 24, BARC

We think you’ll love Phocas, but don’t take our word for it

Based on 270+ customer reviews

Frequently asked questions

When it comes to selecting the best inventory analysis software for your business, there are several key aspects to consider. The right software will not only provide deep insights into your inventory but also integrate seamlessly with your existing systems and processes. Here's a checklist to guide you in finding the perfect match:

Data Integration Capabilities:

Seamless integration with your ERP and other data sources
Ability to consolidate data from various systems for a unified view

Real-time Data Access:

Live updates to track inventory levels and movements as they happen
Instant visibility into stock status across all locations

User-Friendly Interface:

Intuitive design for easy navigation and use by all team members
Minimal training required to get staff up to speed

Advanced Analytics and Reporting:

Comprehensive tools for analyzing inventory performance
Customizable reports and dashboards tailored to your business needs

Forecasting and Planning:

Predictive analytics for accurate demand forecasting
Tools for planning and optimizing inventory levels based on data insights

Inventory Turnover and Health Metrics:

Monitoring of key performance indicators (KPIs) like turnover rates and holding costs
Identification of slow-moving or obsolete stock for informed decision-making

Alerts and Notifications:

Automated alerts for low stock levels, reorder points, and other critical events
Proactive management to prevent stockouts and overstocking

Scalability:

Ability to grow with your business and handle increased data volume
Flexible to accommodate new products, locations, and business changes

Security and Compliance:

Robust data security measures to protect sensitive information
Compliance with industry standards and regulations

Collaboration Features:

Facilitation of cross-departmental collaboration and communication
Shared access to reports and analytics for team-based decision-making

Customer Support and Training:

Access to knowledgeable support for troubleshooting and guidance
Comprehensive training resources to ensure effective software utilization

Phocas inventory analysis software ticks all these boxes, offering a comprehensive solution that empowers businesses to stay ahead of the curve. With Phocas, you can transform your inventory management into a strategic asset, driving efficiency and profitability across your operations.

Understand the past, operate better today, and plan well for the future

Whether you want to get your data organized for your team or you’re looking to combine business intelligence capabilities with financial reporting, planning and forecasting… We can help.

Get a demo

Retail inventory analysis software

Inventory planning is all about the data

Seamless retail inventory analysis

Trusted by companies worldwide

Accurately forecast demand

Clear inventory visibility

Self-serve ad-hoc reporting

Streamlined budgets & forecasts

Smart purchasing and holding

Improve customer service levels

See how Phocas stacks up against the competition

View data any way you like

Simplify inventory management with one platform

We think you’ll love Phocas, but don’t take our word for it

Frequently asked questions

What is inventory analysis?

What are the key aspects to look for in the best inventory analysis software?

Understand the past, operate better today, and plan well for the future

Retail inventory analysis software

Inventory planning is all about the data

Seamless retail inventory analysis

Trusted by companies worldwide

Accurately forecast demand

Clear inventory visibility

Self-serve ad-hoc reporting

Streamlined budgets & forecasts

Smart purchasing and holding

Improve customer service levels

See how Phocas stacks up against the competition

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View data any way you like

Simplify inventory management with one platform

We think you’ll love Phocas, but don’t take our word for it

Frequently asked questions

What is inventory analysis?

What are the key aspects to look for in the best inventory analysis software?

Understand the past, operate better today, and plan well for the future