Inventory forecasting software: How to choose the right solution for your business

So, you’ve decided to A) invest in inventory forecasting software or, B) upgrade your existing setup. 

Well, you’re in the right place. 

Finding the right inventory forecasting software is a bit like finding the perfect pair of shoes – it has to fit just right for your business. The best software won’t “guess” your stock levels, it’ll analyze past sales, trends, and even seasonal quirks to keep your shelves in order. 

We’re going to walk you through picking the perfect software to predict demand, manage stock smartly, and grow smoothly. It doesn’t matter whether you’re ready to dive into a top-tier system or need something simple but effective, we’re going to give you everything you need to know to find a tool that helps you stay ahead.

If you want to know more about what exactly inventory forecasting software is, then take a look at our recent guide.

How to choose the right inventory forecasting software

Picking the best inventory forecasting software for your business means finding a solution that fits seamlessly into the way your business operates. Not every tool is one-size-fits-all, so let’s break down the key considerations that’ll guide you to the right choice…

Align forecasting software with your business’ DNA

Your inventory software should feel like a natural extension of your business. 

Start by mapping out your unique needs: what do your products, market, and growth ambitions demand from forecasting? For a smaller business with niche products or limited sales channels, a straightforward, user-friendly option might be ideal. 

However, if your business is a larger operation juggling multiple warehouses, channels, and an extensive product range, you’ll likely benefit from software that can handle real-time updates, multi-channel syncing, and robust analytics.

Aspire Furniture found that they needed a better solution than their current one to scale with their growing customer base. So, they reached out to Linnworks. With a more sophisticated inventory and order management solution in place, the business could thrive knowing the solution would prop them up during peak periods. 

“Linnworks has a great capability to be able to manage inbound containers as well as forecasting, so we’re never holding too much stock in the warehouse at once. […] If we didn’t have Linnworks during this busy period, we would have let a lot of people down and would not have been able to do half the things that we wanted to do. 

Linnworks has enabled us to free up time and have the capital to be able to invest and look into moving the business forward. ” – Matthew Gaskell, Operations Coordinator, Aspire Furniture.

Your inventory software is part of the foundation of your growth strategy. With this in mind, it needs to support your goals and scale with you, so consider both where you are now and where you want to go.

Look at user needs and scalability

The best solution will go beyond just managing inventory, it will help your team work more efficiently. Think about the size of your team and the features they’ll need day-to-day. 

Smaller teams may prefer an intuitive, low-maintenance system, while larger teams often need collaborative features, role-based access, and the ability to manage workflows across multiple departments or locations.

Scalability is a big factor here, too. 

A simpler solution may fit now, but if you’re aiming to expand into new markets or product lines, it’s worth choosing a tool that can scale up without any fuss. Consider your roadmap: if growth is on the horizon, choose a system that won’t outgrow you in a year or two.

Questions to ask before making a final decision

Now that you have a shortlist, it’s time to get critical. But, there are some vital questions you need to ask yourself AND your vendor before you sign on the dotted line. 

• Functionality fit: Does the software solve your current inventory pain points? And does it integrate with your existing sales channels and tools?
• Cost consideration: What’s the full cost picture? Don’t forget to factor in licensing, setup fees, and ongoing support.
• Vendor capabilities: What level of onboarding and ongoing support does the vendor provide? Can the software handle complex needs like kit assembly or multi-location inventory? 
• Security and compatibility: Is your data secure, and will the software integrate seamlessly with your existing platforms?

Top inventory forecasting software picks for ecommerce businesses

Now you know what you’re on the lookout for, let’s dive into the best inventory forecasting software solutions on the market today.

Linnworks

Linnworks is an all-in-one inventory forecasting solution designed to help ecommerce businesses keep up with demand. With centralized inventory control, Linnworks allows real-time syncing across multiple sales channels, from Shopify to Amazon. It’s ideal for businesses seeking both high-level forecasting and day-to-day inventory accuracy, helping them save time and improve customer satisfaction.

Key features:

• Centralized control: Real-time inventory syncing across 100+ sales channels, reducing stockouts and overstocking.
• Advanced demand forecasting: Uses sales trends and seasonal patterns to accurately predict future inventory needs.
• Automated order management: Streamlines fulfillment processes to reduce manual errors, making it easier to manage high order volumes.
• Customizable reporting: Access data-driven insights to make informed decisions quickly.

Ideal for:

• Ecommerce businesses of any size looking for an all-in-one solution.
• Companies that want easy-to-use software that covers inventory, forecasting, and order management.

*Pro tip: Linnworks offers a free trial, so you can test its features to ensure it’s the right fit for your business before committing.

SkuVault Core

SkuVault Core is a cloud-based inventory management system designed to streamline warehouse operations and enhance accuracy for ecommerce businesses. With its user-friendly interface and real-time inventory tracking, the solution is especially suitable for businesses with multiple warehouses or complex inventory needs.

Key features:

• Real-time inventory tracking: Instantly updates stock levels across all warehouses, reducing the chances of overselling and minimizing errors. 
• Barcode scanning & fulfillment workflows: Simplify order processing with efficient barcode scanning and workflows, improving pick-and-pack accuracy.
• Flexible bundling & kitting: Easily manage complex product assemblies with flexible bundling options, making it ideal for businesses with diverse product lines.
• Comprehensive reporting: Gain detailed insights into inventory trends and warehouse performance, supporting better decision-making.

Learn more in this video about how SkuVault can help your business from overselling:

Ideal for:

• Ecommerce businesses with multiple warehouses or advanced inventory requirements.
• Organizations looking for precise inventory tracking combined with warehouse management features.

Pro Tip: SkuVault Core provides tailored solutions across various industries, so you can explore configurations that best fit your specific ecommerce needs.

NetSuite

NetSuite is a robust enterprise resource planning (ERP) solution from Oracle that is designed for growing and large-scale businesses needing comprehensive inventory forecasting and broader operational management capabilities. With NetSuite, you get powerful tools that automate essential tasks, ensuring streamlined operations across inventory, order fulfillment, and demand planning.

Key features:

• Advanced demand planning & tracking: Provides real-time visibility into inventory levels and demand forecasting, so you’re never left guessing stock requirements.
• Seamless integration with other NetSuite modules: Integrates inventory management with accounting, CRM, and ecommerce functions, providing a centralized approach to business management.
• Detailed reporting & analytics: Offers deep insights into financial and operational performance, enabling data-driven decision-making across departments.
• User role-based access & security: Encrypted and role-specific access ensures that only authorized personnel handle sensitive data, boosting data security.

Ideal for:

• Mid-sized to large ecommerce businesses seeking a full ERP suite with advanced forecasting.
• Companies that require an end-to-end solution that unites inventory management with key business functions.

Pro Tip: While powerful, NetSuite may require dedicated implementation resources, so it’s best for companies ready to invest in setup and ongoing maintenance for long-term returns.

Demand Solutions

Demand Solutions is an AI-powered supply chain planning tool designed to optimize demand forecasting and inventory management for businesses with complex supply chain needs. It combines predictive algorithms with inventory optimization tools to help businesses streamline processes and meet demand efficiently.

Key features:

• Advanced demand forecasting algorithms: Demand Solutions uses sophisticated AI-driven algorithms to deliver accurate forecasts, helping businesses manage stock levels while minimizing costs.
• Inventory optimization: The software’s powerful inventory management capabilities allow for optimal stock levels, ensuring businesses can meet customer demand without overstocking.
• Collaborative demand planning tools: Enables teams across the supply chain to work together more effectively, making adjustments based on real-time insights and shared goals.
• Detailed analytics and reporting: Provides in-depth reports on performance and demand trends, supporting informed decision-making for both day-to-day operations and long-term strategy.

Ideal for:

• Ecommerce businesses with complex supply chains looking for specialized demand forecasting.
• Companies that aim to balance service levels with inventory efficiency.

Pro Tip: Some manual oversight might be needed for unique trends, but Demand Solutions remains a highly effective tool for refining your inventory and supply chain strategy.

Oracle SCM Cloud

Oracle SCM Cloud is a comprehensive supply chain management suite designed for large-scale businesses that need advanced capabilities in demand planning, inventory management, and supply chain visibility. Known for its powerful integration features, it enables seamless coordination across various business functions.

Key features:

• Demand forecasting and planning: Oracle SCM Cloud offers advanced demand forecasting tools that help businesses manage inventory levels with precision, using predictive analytics for accurate demand planning.
• Integrated supply chain capabilities: Combines demand planning, order management, and logistics in one unified platform, supporting a streamlined flow across all supply chain activities.
• Real-time visibility: Provides real-time data on inventory levels, supplier performance, and customer demand, helping businesses stay agile and responsive.
• Enhanced security and compliance: With robust data encryption and compliance standards, Oracle SCM Cloud ensures data safety and regulatory compliance.

Ideal for:

• Enterprises requiring a scalable, end-to-end solution that integrates inventory management with broader supply chain management functions.
• Companies looking for high-level insights across multiple touchpoints in the supply chain.

Pro Tip: While Oracle SCM Cloud offers powerful features, it may have a learning curve for non-technical users, so consider the need for training when implementing this platform.

Best practices for implementing inventory forecasting software

Once you’ve decided which solution is right for your business, it’s time to look at how to ensure implementation goes smoothly. 

Tips for a successful software integration

Start by mapping out a clear integration plan. 

Define your goals and align the software features with your unique needs – whether that’s multi-channel syncing, automated restocking, or data-driven reporting. 

Next, ensure that your software integrates well with other tools, like your ecommerce platform and warehouse management system. A phased rollout can also help: test the software with a small batch of products before going full-scale. This lets you work out any kinks early on.

Train team members and manage new workflows

Introducing new software means a learning curve, so invest in hands-on training for your team. 

Show them how the software will make tasks easier, like automated reordering and real-time inventory updates. Establish clear workflows and assign roles for tasks like data entry and report management, ensuring everyone knows their responsibilities. 

Remember, it’s not just about training but getting your team excited about using a tool that reduces manual work.

Leverage data insights for business growth

Once your team is comfortable, take full advantage of the software’s data analytics to make data-driven business decisions. 

Learn how more about analytics and reporting here:  

EMBED Analytics vs Reporting: How to make Data-driven Business Decisions.

Set up regular reports to track sales patterns, seasonal trends, and stock turnover rates. Use these insights to refine your stock management strategy – perhaps adjusting reorder points or introducing new products based on demand trends. Over time, these data-driven tweaks can improve profitability and help you stay one step ahead of demand.

Forecast with precision using Linnworks

Having the right inventory forecasting software can propel your business to new levels of efficiency, keeping you ahead of demand fluctuations and market changes. 

Linnworks offers all the tools you need for precise forecasting, from analyzing seasonal trends to predicting future demand with confidence. With advanced forecasting capabilities, automated stock updates, and real-time data integration, the solution ensures your inventory decisions are always data-driven and accurate. 

Ready to see the difference? Book a demo with Linnworks today and experience smarter, more strategic forecasting.