Inventory demand planning software

However, demand planning goes beyond the statistical aspect, which differentiates it from demand forecasting software. The steps of the process include the following:. Demand planning and demand management are similar, but think of them as siblings instead of twins — related yet different.

Demand management software deals with short-term supply and demand issues. On the other hand, demand planning takes the long-term view into account.

Using predictive analytics , it helps decision-makers look forward to future demand instead of keeping their view limited to the present. Equipped with this information, your business will be more prepared to handle upcoming market needs by having enough stock on hand.

The result? An increase in sales thanks to the ability to meet the demand. Demand planning is often a particular feature of an encompassing package for supply chain management software SCM. Why SCM? Since demand planning gives you a better understanding of what will be ordered in the future, it can help improve the supply chain process. Your company can take significant advantage of this form of business intelligence by using demand forecasting and planning to generate better product life cycles and ROI.

The supply chain is a complex, interconnected web of technology, processes and people. And at the center of it all, a never-ending flow of data acts as the engine. This is why over 80 percent of manufacturers consider real-time monitoring a crucial part of their success.

It provides context for the data and gives insight into things like product quality and machine performance while revealing problem areas. This visibility helps keep your business flying high.

Combining on-site legacy systems with 3rd-party and cloud applications creates a platform that allows supplier connection, along with greater speed and scalability.

The amount of data at our fingertips underpins the importance of collaboration across all aspects of the supply chain. Data reliability and accuracy are important, but in order to reduce costs and waste while improving results, companies also rely on data that provides a single version of the truth and that can be shared freely. To be most effective, collaboration should involve every department across an organization, along with retailers and suppliers.

As mentioned in our post looking at trends across the entire supply chain , cloud systems are poised for greater use moving forward, as companies overcome concerns regarding security and uptime that come with 3rd party vendors having access to software. Another factor is globalization. With worldwide supply chains to manage, companies need easier, more effective ways of standardizing processes.

Cloud solutions are a practical answer. A critical part of demand planning is creating forecasts. To make your plans a reality, you need powerful software with the ability to process huge volumes of information. How do you get these insights? Software solutions with forecasting like business intelligence tools allow you to remove and isolate data from reports, reviews, metrics and surveys.

You can then turn the results into actionable statements. Instead of fixating on the most extensive products, look for software that aligns with your requirements. The real focus should be on tracking demand streams and drivers so that the technology provides the right kind of support for your operations.

If you have little experience, opt for a product with a simple interface. Many solutions use basic dashboard interfaces to collate graphs, charts and diagrams. This will reduce your learning curve with the system, leading to faster use across your business. Ideally, you want the option to dig down into the intricacies of analytics without sacrificing efficiency and user-friendliness. Finally, prioritize scalability. And with the ability to create a plan using historical data insights, you can anticipate future demand more accurately.

Hello supply chain efficiency! Supply planning software also aids in communication and collaboration , with solutions facilitating information flow throughout the supply chain network. This leads to greater visibility and real-time updates for teams and stakeholders. Portals grant access to key information such as supply schedules, inventory stocks, customized orders and more.

Data aggregation: Before you can start making the data work for you, you need to search the available information and bring it all together in a report-based summary.

Trend analysis: These features take past information into account and produce forecasts that also consider fluctuations in data. Think of the lack of demand for winter coats during the summer season, or promotions that likely boosted results for a given period there are many reasons the data may not accurately reflect ordinary demand. Predictive analysis: Basically the real-life version of fortune telling except founded on data , predictive analysis uses techniques from machine learning and statistics to make predictions based on current data.

Your forecasts are only as good as the data you have. The ability to aggregate and analyze endless amounts of information means you can expect more accurate forecasts. When you have a reliable view of future demand, you can control inventory appropriately. Avoid the pitfalls of short-term planning by looking at the big picture. Demand planning systems ensure inventory managers place the appropriate future orders based on projected demand.

All of this leads to those magical words: cost reduction. To help you choose the best demand planning software, the SelectHub analyst team has carefully evaluated the numerous options available. Add in slow sellers, intermittent items, new item introductions, and promotions, and forecasting future demand can be extremely arduous.

Multiply that problem by a massive network of SKU locations, and the problem becomes even more daunting. However, predicting future demand is the first step in any inventory strategy, regardless of the industry or type of items being managed. Using machine learning to constantly evolve and adapt the science of demand forecasting, our customers benefit from higher degrees of forecast accuracy, without heavy user intervention.

Manhattan simplifies the complex science behind Demand Forecasting by focusing the analyst on managing just those key exceptions that the system itself cannot reconcile.

It becomes easy to manage an infinite combination of locations and products with differing time horizons and aggregation to enable assortment, financial, and merchandise planning, in addition to replenishment.

StockTrim is unique in that it can even predict demand for new products without any sales history. StockTrim has many other mini-features to help you with the day to day practicality of running your business. StockTrim pointed it out — we needed ten times more in medium size and we can also see which bundles sell better. This is such useful information. The price is very affordable for small business. Inventory planning is a crucial part of any manufacturing business.

Under-stocking means you are losing out on sales, because you can't supply the products. Overstocking means you are wasting space and not using your cash efficiently. Our cloud-based solution provides intuitive real-time insights into your inventory and provides effective inventory control. Inventory optimisation is an on-going process.

StockTrim helps you understand your target inventory, highlights your bottlenecks and learns along with you.