Cin7 ForesightAI overview

Cin7 ForesightAI insights

Cin7 ForesightAI analyzes your sales history and product stock levels to provide insights on overstocked, out of stock, winner, loser, and chaser products.

Overstock

Sometimes, you accumulate products that just don't sell. Overstocking is when you have more stock on hand for a product than you can normally sell. We recommend reducing your overstocked products. This frees up storage space and capital for winner products.

Stockout

A stockout is when you have sold out or have very low stock for a product customers want. You could cause a stockout by:

• ordering the wrong products or amount of products

• higher customer demand than expected

• suppliers failing to deliver or delivery delay

We recommend restocking winner products regularly to avoid stockouts. When you are out of stock, you lose sales, reputation, and potentially customers.

Winners

Winners are your top products. Cin7 ForesightAI will considers a product's retail price, purchase price, and sales volume. You can sell an extremely profitable product once every three months, but a product with less margin that sells a thousand units weekly would make more in profit. We recommend keeping lots of stock on hand for these products to prevent a stockout.

Losers

Losers are products that bring in very little or no revenue. They can cost you in storage fees, expiration before sale, and many other fees. We recommend removing these products from your inventory. You could offer to sell losers at a big discount, as even zero margin sales are preferable to letting goods expire in your warehouse. Alternatively, you could try to negotiate with your suppliers for a buyback.

Chasers

Chasers attract customers to your store but don't sell enough to be winners. Customers choose stores that offer a large variety of goods, these are your Chasers. You want to keep chasers available, but it's not an emergency if you run out of stock for a few days.

Dashboard widgets

Cin7 Foresight AI adds multiple widgets to the Cin7 Omni dashboard. These display on the Sales or Insights tabs. With these widgets, you can quickly review your inventory statistics. Only Managers or Admin users can see ForesightAI widgets.

Inventory health

The Inventory healthwidget shows the percentage of your products in stockout, the value of overstocked products, and estimated lost revenue because of stockouts. This widget is available on the Sales or Insights tabs. You can select the statistic to see more information in the Potential Stockout report.

Over/under stock

The Over/under stock widget shows how many products (individual SKUs) are out of stock, Overstocked, or have a healthy stock level. You can view this for all branches, or a specific branch. Because products can sell at different rates in different locations, we recommend reviewing each branch. A product could be overstocked in one branch and sold out in another. This widget is available on the Insights tab. You can select the statistic to see more information in the Overstock report.

Winners and Losers

The Winners and losers widget shows the product value and percentage of your products that are winners, chaser, or losers. You can view this for all branches, or a specific branch. Because products can sell at different rates in different locations, we recommend reviewing each branch. This widget is available on the Insights tab. You can select the statistic to see more information in the Winners And Losers report.

Graphs

There are three graphs that provide a visual representation of :

• Stockout shows the percentage of your products (individual SKUs) that are out of stock or low stock.

• Lost revenue to stockouts shows the potential sales revenue if you weren't out of stock, or low on stock.

• Overstock Value shows the cost value for all products (individual SKUs) that have more stock than you can normally sell.

Smart Reorder

Smart Reorder uses your past sales history and ForesightAI to predict what you should reorder and when. You can reorder for a specific period (e.g. order for the next month), all branches, a specific branch, all suppliers, or a specific supplier.

Smart Reorder has a lot of differences from Smart Buyer. Overall, Smart Reorder offers predictive stock replenishment whilst Smart Buyer suggests purchase orders for out of stock items or production needs.

Reports

ForesightAI includes a range of reports to provide insights on your products and inventory levels. These are available in the Retail Reports Dashboard.

• Overstock: See which products are overstocked and which products are likely to run out of stock (stockout). We recommend reducing the inventory on hand for overstocked items. This report also calculates how long (in sales days) until the overstocked product reaches optimum inventory levels.

• Potential Stockout: See which products are out of stock (stockout) or will be soon, when they will stockout (start and end), and how much lost revenue the stockout will cause.

• Sales Forecast: Forecast sales for up to the next 24 months based on your previous sales history. View expected quantities sold and revenue for each product and branch.

• Winners And Losers: See which products drive your revenue and which products are rarely sold and tie up your cashflow.

Install Cin7 Foresight AI

You can install Cin7 ForesightAI from the Cin7 Omni App Store. Administrator rights are required.

1. In Cin7 Omni, open the App Store in the navigation.

2. Select the Cin7 Omni Apps tab.

3. Select ForesightAI.

4. Select Request app installation.

5. Once your request has been approved, you’ll find your ForesightAI reports, dashboard widgets, and Smart Reorder.

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• Zendesk publishing.4.log-2014405138.zip30 KB