Spare parts demand forecasting system

Reordering spare parts for the purposes of stock replenishment is an important function of the parts manager in the typical dealership. Meaningful reordering requires a reliable forecast of the future demand for items. A Variety of alternative forecasting techniques were evaluated for this purpose with the aim of selecting one optimal technique to be implemented in an automatic reorder in module of a real time computerized inventory management system. Shortage of spares lead to lost sales opportunities and customer dissatisfaction whereas excess inventory meant prohibitive inventory carrying costs. To address this challenge, an effective demand forecasting system is required, which can: • Provide multiple methods of forecasting • Provide a part wise dashboard indicating demand trends in graphical format.