Future-proof your Forecasting
Now more than ever, maintaining a highly accurate and efficient parts inventory system is critical to business success, and customer satisfaction. Parex Forecasting connects Dealers with OEMs to fully automate the stock replenishment process. Parex Forecasting analyses sales history, order demand and other datapoints to recommend parts orders for Dealers. This enables Dealers to maintain optimal inventory levels, while reducing the risk of stock shortfalls.
Parex Forecasting includes the following sub-modules:
- Dealer Part Demand History – Keeps track of sales patterns for forecasting purposes.
- Dealer Part Classifications – Allows dealer parts to be periodically reclassified into groups determined by a given set of rules.
- Dealer Stocking Parameters – A set of forecasting parameters that recommends order quantity based on various factors including seasonality, trend, lost demand etc.
- Dealer Forecasting or Automatic Dealer Forecasting - A step-by-step process of determining the parts that need to be replenished.
- Recommended Stock Returns or Automatic Buyback Proposals – Analyses non-moving stock and automatically sends buyback proposals to dealers.
Advantages for Dealers
Parex Forecasting integrates with over 40 different dealer management systems including Pentana Solutions’ eraPower and DealerPRO, as well as, our Virtual Parts Warehousing Solution, Parex Locator. With a real-time data feed, Parex Forecasting provides a more accurate forecast and inventory plan.
By optimising inventory levels based on actual dealer demand, dealers also see a dramatic drop in part returns and parts obsolescence. Dealers are able to plan for higher part number coverage without the danger of stock out. The best stock mix is provided without any research, maintenance or manual labour.
Advantages for Franchises / OEMs
Over time, with the use of this inventory management system, dealers will also see a warehouse with more genuine accessories, general repair parts and fast moving pieces whilst noting significantly reduced excess inventory.
OEMs in many cases across the world have limited visibility of dealer retail sales. With Parex Forecasting, OEMs can see the total stock demand picture within their dealer network. Fostering closer relationships between OEMs and dealers will help improve brand retention in competitive markets.
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The overall benefit from implementing Parex Forecasting lies in increased customer satisfaction throughout the value chain. This arises partly through end customer repairs being done on time and as expected with genuine parts. Whilst part availability is one piece of the puzzle; automating the stock mix allows technician and manager productivity to rise which in turn allow them to foster stronger customer relationships with consumers.
As users of this inventory management tool, you will also be given monthly performance reporting. This focuses on set KPIs, trends and comparative benchmarking to drive constant improvement for your brand.
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