Forecasting Dashboard

Forecasting is used to calculate inventory stocking levels ('Min', 'Max', or 'Order Point') primarily based upon sales history units (and optionally lost sales units as well). 


The Forecasting Dashboard for inventory has been introduced in PartsWatch in addition to the existing 'Set Min/Max' Utility. This new function requires the usage of part popularity codes ('Sales Class').


This new forecasting function:

 

  • Can be run on demand or scheduled to run on a periodic basis (e.g. weekly, monthly, etc.)

  • Includes options to forecast parts in multiple Locations, Lines, and PN Codes (Sublines).

  • Uses a PW Grid for reviewing forecast results. This grid enables easily sorting and filtering as well as saving the data results to a spreadsheet.

  • Allows reviewing results and making changes before updating stocking levels. For single-location forecasts only, can automatically update stocking levels after forecasts are calculated.

  • Allows options for which updates occur. For example, only update stocking levels to zero and set 'Do Not Reorder (DNR)' flag to 'Yes' for parts with zero sales units within a history period.

  • Allows creating the necessary purchase order and/or return order to send to suppliers.

 

Menu Path: Inventory, Forecasting Dashboard, Forecasting Dashboard screen

 

Glossary

 
Inventory Forecast
A process that runs to suggest a new stocking level (Forecast Min, Max, or Order Point) for an inventory item based on sales history and stocking days per sales class.

Do Not Forecast
A setting on the part record that excludes it from an inventory forecast (prevents the Inventory Forecast process from calculating stocking levels).

Stock Protect
A setting on the part record that preserves stocking levels values when a forecast calculates stocking levels. After the stocking level is calculated by the forecast, the stocking level value can still be edited and updated.

Sales Class
A popularity code (a/k/a movement code) that can be assigned to each part manually or using the existing 'Pop Rank Utility' function. Note: There are two sales class fields (1 and 2). The first is the part's current code and the second is the part's previous code if changed by the utility.

Stocking Days    
The number of days that parts with a specific popularity code (Sales Class) are to be kept in inventory.

Stocked Inventory
Parts that have a non-zero min, max, or order point regardless of their current quantity on hand.

Non-Stocked Inventory
Parts that have a zero min, max, and order point regardless of their current quantity on hand. This includes virtual inventory (nonSKU).

Suggested Stocking Level
The stocking level value suggested as a result of the calculation used by a forecast. This value is displayed on the 'Forecast Results' tab of the Forecast Detail screen in the column titled 'Forecast'. To always retain and display this suggested value, another column called 'New' is also displayed with the same value. This second value can be edited before updating stocking levels.

 

Create New Forecast

Click to open the Create Forecast screen to create a new forecast. The hotkeys 'Alt' + 'N' act like the 'Create New Forecast' button. The button can be clicked multiple times.


Open Forecasts Summary/Historical Forecasts Summary
Shows a summary for the total count of the forecasts (open or historical) in the grid, along with the total net dollar value (aggregating all forecasted stocking level increases and decreases). When the 'Historical Forecasts' tab is clicked, the label switches to 'Historical Forecasts Summary'.

 


Note: Historical forecasts cannot be edited or deleted. These right-click menu options for historical forecasts are removed.


Note: Open forecasts can be deleted or edited via the right-click menu.


Report Output
Drop-down that determines how the report looks when the 'Print' or 'Preview' buttons are clicked, either a 'Summary' report or a 'Detail' report.

Forecasts Report

When the 'Print' or 'Preview' button is clicked, Forecast Report either displays as a print preview, or is sent to the default printer set up to print reports. The report can be run in either 'Summary' or 'Detail' mode. A historical version of the report only prints for a historical forecast.


Depending on the setups, the report can have one of four titles:

 

  • 'Inventory Forecast Summary Report'

  • 'Inventory Forecast Detail Report'

  • 'Historical Inventory Forecast Summary Report'

  • 'Historical Inventory Forecast Detail Report'


The header of the report contains the following:


Location
Displays the location number and name (if one exists). If more than one location was selected, the location numbers are included in the forecast.


Profile
Displays the name of the profile used to create the forecast.


# Sales Periods Selected
Displays all the sales periods selected for the forecast.


Stocking Level
Displays the stocking level used to create the forecast.


Display:
If the report is run from the Forecasting Dashboard, always displays 'All Parts'. If the report is run from the Forecast Detail screen, displays the option selected from the 'Display' drop-down.

Summary Report

 

 
The 'Summary' version of the report shows a consolidated output of the forecast results with the following information:

Total Parts Forecasted
Displays the total number of parts on the forecast.

Total Units Sold
Displays the total number of units sold for that part.

Total Lost Sales
Displays the total number of sales not completed (lost sales) for that part.

Current
Displays the current number of parts in inventory.

Forecast
Displays the number of parts suggested for the forecast.

Net Change
Displays the difference between the 'Current' and 'Forecast' columns.

Forecasted Items to Return
Displays the quantity and cost of the parts needed to be returned for the forecast.

Forecasted Items to Order
Displays the quantity and cost of the parts needed to be ordered for the forecast.

Net Change of Items
Displays the difference between the quantity and cost of the parts that need to be ordered/returned for the forecast.

Detail Report

 

 
The 'Detail' version of the report shows a consolidated output of the forecast results with the following information:

Loc
Displays the location number for the part row (this column only displays for a multi-location forecast.

Line
Displays the lines of the parts to be forecasted.

Part Number
Displays the part numbers of the parts to be forecasted.

P/N Code
Displays the subline for the parts to be forecasted.

Part Description
Displays the 'Description 1' value for the parts to be forecasted.

Sales Class
Displays the 'Sales Class 1' and 'Salse Class 2' values for the parts to be forecasted.

Qty Avail
Displays the available quantity for the parts to be forecasted.

Units Sold
Displays the aggregated net sales history for the periods selected.

Last Sold Date
Displays the last date that the part to be forecasted was sold at Point-of-Sale.

Lost Sales
Displays the number of lost sales associated with the part to be forecasted.

Current <stocking level units>
Displays the current number of parts associated with the chosen stocking level of the part to be forecasted.

Forecast <stocking level units>
Displays the forecasted number of parts associated with the chosen stocking level of the part to be forecasted.

New <stocking level units>
Displays the current number of parts PLUS the forecasted number of parts associated with the chosen stocking level of the part to be forecasted.

Cost
Displays the current cost of the part to be forecasted.

Core
Displays the current core cost of the part to be forecasted.

Buy Qty
Displays the buy qty rules associated with the part to be forecasted.

Per Car
Displays the per car value associated with the part to be forecasted.

Total Parts Forecasted
Displays the total number of parts on the forecast.

Total Units Sold
Displays the total number of units sold for that part.

Total Lost Sales
Displays the total number of sales not completed (lost sales) for that part.

Current
Displays the current number of parts in inventory.

Forecast
Displays the number of parts suggested for the forecast.

Net Change
Displays the difference between the 'Current' and 'Forecast' columns.

Forecasted Items to Return
Displays the quantity and cost of the parts needed to be returned for the forecast.

Forecasted Items to Order
Displays the quantity and cost of the parts needed to be ordered for the forecast.

Net Change of Items
Displays the difference between the quantity and cost of the parts that need to be ordered/returned for the forecast.

Function Buttons

Close
Closes the Forecasting Dashboard screen.


Reset
Resets the screen to a just-opened state, and refreshes the grid displaying forecasts.


Preview
Creates a print preview to display based on the selection of the 'Report Output' drop-down. See the Forecasting Reports section for more details.


Print
Prints a report (to the printer set up as the default report printed) based on the selection of the 'Report Output' drop-down. See the Forecasting Reports section for more details.

Forecasting Dashboard Grid

 
To open a forecast, either:

Double-click a highlighted forecast to open the Forecast Detail screen (and view forecast results).
Right-click a highlighted row and select the 'Edit' option.

Note: The same forecast can be opened multiple times.

 

Flag
Displays a flag symbol to flag individual forecasts for review/follow-up. Note: This column is frozen and is always visible on the screen, even after scrolling.


Profile
Displays the saved profile used to create the forecast. Note: This column is frozen and is always visible on the screen, even after scrolling.


Loc
Displays the location for the forecast. If the forecast was created for more than one location, displays 'Multiple'.


Line
Displays the line code used to create the forecast. If multiple line codes were selected, displays 'Multiple'.


PN Code
Displays the subline used to create the forecast. If multiple sublines were included, displays 'Multiple'.


Qty Increase
Displays the total quantity increases within the forecast. (This will always be a positive value.)


Qty Decrease
Displays the total quantity decreases within the forecast. (This will always be a negative value when < 0.)


Net Qty Change
Displays the difference between the 'Qty Increase' and 'Qty Decrease' values (may be a positive or negative value.)

 


Cost Increase
Displays the total cost of the quantity increase, including any items with core values (will always be a positive value, unless zero).


Cost Decrease
Displays the total cost of the quantity decrease, including any items with core values (will always be a negative value, unless zero).


Net Cost Change
Displays the difference between the 'Cost Increase' and 'Cost Decrease' values (may be a positive or negative value). Note: All 'Cost' values will reference Current Cost.


Profile Created By
Displays the employee who created the forecast profile.


Profile Create Date/Time
Displays the date and time the forecast profile was created.


Forecast Start Date/Time
Displays the date and time the forecast process started. Note: Start and finish times can help assess forecast run durations with a lot of parts.


Forecast End Date/Time
Displays the date and time the forecast process ended. Note: Start and finish times can help assess forecast run durations with a lot of parts.


Forecast Run Duration
Displays the time it took for the forecast routine to run.


Forecast Results Last Updated
Displays the date and time the most recent edits were made to the forecast.


Forecast Historical Date/Time
Displays the date and time the 'Update Stocking Levels' button was clicked for 'All Changes'. Note: This column will only display information when viewing the 'Historical Forecasts' tab.