RETAIL DEMAND FORECASTING WORKFLOW

Created by ChecklistGuro (https://checklistguro.com)

[ ] Retrieve Historical Sales Data: Fetch historical sales entries from the Sales Data Model for the previous 12 months.
[ ] Retrieve Current Inventory Levels: Fetch current stock levels from the Inventory Data Model for all SKUs.
[ ] Retrieve Market Trend Data: Get external market trend indicators and competitor pricing data entries.
[ ] Calculate Average Monthly Sales: Aggregate historical sales entries to calculate the mean sales volume per month.
[ ] Calculate Total Stock Value: Sum the value of all items in the current inventory entries.
[ ] Compute Forecasted Demand: Apply a mathematical formula (e.g., Moving Average + Seasonal Factor) to the aggregated sales and market trends.
[ ] Calculate Safety Stock Requirement: Calculate the required buffer stock based on lead time and demand volatility.
[ ] Create Demand Forecast Record: Create a new entry in the 'Forecast Results' Data Model containing the calculated projections.
[ ] Update Inventory Reorder Points: Update the 'Reorder Point' field in the Inventory Data Model based on the new forecast.
[ ] Assign Procurement Review Task: Create a task for the Purchasing Manager to review the forecasted demand vs. budget.
[ ] Create Inventory Replenishment Task: Create tasks for the Warehouse Team for items identified as 'Below Safety Stock'.
[ ] Notify Stakeholders of Forecast: Send an email to the Supply Chain and Finance departments with the summary of the new forecast.
[ ] Generate Monthly Forecast Report: Create a PDF/Dashboard report summarizing forecasted vs. actual sales performance.

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