We have officially released LS Forecast, a cloud-based inventory optimization software that provides demand forecasting and inventory replenishment. LS Forecast is designed specifically for retailers using LS Central, LS Retail’s retail management system. LS Central is powered by Microsoft Dynamics 365 Business Central, Microsoft’s comprehensive business management solution designed for small to medium-sized businesses.
AI-powered sales forecasting
LS Central already offers stock replenishment functionality that includes planning, data maintenance, and both manual and automated replenishment methods. With the introduction of LS Forecast, retailers can leverage advanced algorithms to calculate more accurate sales forecasts. Drawing on Microsoft Azure AI, LS Forecast analyzes past sales and applies the statistical forecasting technique that best fits the data. The software solution uses different calculation models to identify trends, detect seasonality and correlations, and predict the most likely scenario.
Retailers can calculate future sales forecasts for items, variants (for example sizes or colors) and store locations on a daily or weekly basis, depending on the desired level of detail.
“Until a few years ago, only the largest retailers could afford advanced technology like AI and predictive analytics. Today, any retailer can take advantage of a sophisticated software solution like LS Forecast, powered by one of the best AI platforms in the market, Azure AI," says Magnus Norddahl, CEO and President at LS Retail. “To overcome current and future challenges, retailers need to understand their business and their customers, and they need to apply intelligence to the data. The solution is unified commerce technology infused with intelligence. This is our vision of the retail of tomorrow, and LS Forecast is an important piece of it,” concludes Magnus.
“Retail supply chains and customer demand patterns are becoming increasingly complex. Our mutual customers rely on intelligent solutions such as LS Forecast to optimize their supply decision and anticipate consumer trends and needs,” said Greg Nelson, GM, ISV Ecosystem at Microsoft Corp. “We are pleased to see a valued partner like LS Retail apply its retail expertise to help customers make data-based decisions. Improving the customer experience and optimizing product availability are key to a business’s bottom line.”
Specifications and availability
LS Forecast is available for LS Central 16.0 (AL version) and for LS Central 14.3 (C/AL version). LS Forecast is a Software as a Service (SaaS) solution only available on subscription with a usage-based pricing model. Retailers can purchase packages with a number of forecasted SKUs per month. A cost control functionality allows users to set a cap to the number of calculations LS Forecast can perform per time period.
Contact us for more information about LS Forecast, its availability and pricing.