iVendNext Foresight - What Foresight Needs to Produce Good Forecasts
Foresight learns from data. The quality of predictions depends on the quality and depth of the history available in iVendNext.
4.1 Master data setup
Setup item | Why it matters |
|---|
Items flagged for forecasting | The sales engine processes only items marked for forecasting. Unflagged items are skipped. |
Item lead time | Drives the reorder calculation. Defaults to 7 days when not set. |
Default supplier on the item | Required for automatic purchase-order drafting. |
Customer territory / segment | Drives churn risk and customer scoring. |
Warehouse linked to its company | Needed so every inventory forecast is correctly company-stamped. |
Account currency | Ensures the correct currency symbol on every financial forecast. |
Company default currency, income account, finance email | Fallbacks for revenue resolution and alert notifications. |
Item selling price | Fallback rate for revenue potential when no recent sales exist. |
4.2 History depth
Data | Minimum | Recommended |
|---|
Stock movement | 90 days | 180 days |
Sales | 90 days | 180 days |
Purchases | 30 days | 90 days |
Accounts / ledger | 90 days | 365 days |
Below the minimum, the engine falls back to safe defaults, such as a fixed reorder level and a baseline confidence. Set expectations accordingly. A business that is four weeks live on iVendNext should not be promised high forecast accuracy yet.
4.3 The single most important concept: consumption
Foresight forecasts consumption: the units that leave stock through sales, transfers, and usage. It deliberately ignores stock receipts, because receipts describe supply, not demand. This is why a brand-new item with no sales history cannot be forecast until it has accumulated movement.
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iVendNext Foresight - Forecasting Models: Theory, Selection, Trade-offs
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