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How To Improve Supply Chain With New Demand Forecasting Approaches

In the intricate dance of supply chain, demand forecasting acts as the guiding star. Traditionally, demand forecasts relied heavily on historical data but in the fast-paced world of modern commerce, businesses are increasingly turning to new approaches that incorporate forward-looking data and economic perspectives. These innovations are not merely tweaks but transformative tools reshaping how companies strategise and operate across all levels of the supply chain.

Innovative demand forecasting: Are you falling behind?

Innovative demand forecasting is all about using
  • Forward-looking data
  • Economic and behavioural trends
  • AI and machine learning
  • Predictive analytics
Gone are the days when demand forecasting was solely a rear-view mirror exercise. Today, it’s about peering into the future with clarity and precision. Incorporating forward-looking data, such as market trends, consumer behaviour patterns, and predictive analytics, allows businesses to anticipate demand shifts before they occur. This proactive stance- powered by Predictive Insights – arms companies with the agility to adapt swiftly, minimising stock-outs or excess inventory.

Strategic benefits

At the strategic level, new demand forecasting approaches provide invaluable insights for long-term planning. By integrating economic approaches into data analysis, businesses can factor in variables like

  • Inflation
  • GDP growth, and
  • Interest rates.
Understanding these macroeconomic indicators empowers companies to make informed decisions about production volumes, inventory levels, and pricing strategies, mitigating risks and maximising profitability.
Predictive Insights SAPICS supply chain

Operational optimisation

Moving down the supply chain, these predictive insights offer multiple ways to boost operational efficiency. Labour scheduling, often a logistical headache, becomes a streamlined process when demand forecasts are accurate and granular. By aligning staffing levels with anticipated demand fluctuations, businesses can:
  • Optimise workforce management
  • Reduce labour costs, and
  • Enhance customer service levels.

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Stock control mastery

Stock control, the heartbeat of supply chain management, benefits immensely from advanced demand forecasting. By leveraging predictive analytics, businesses can achieve the delicate balance between supply and demand. No more excess inventory lying around in warehouses or frantic last-minute rushes to replenish stock. Instead, companies can maintain leaner inventories, minimise holding costs, and free up capital for strategic investments.

Tailoring solutions to each supply chain level

Each level of the supply chain stands to gain from this innovative demand forecasting approach.
  • Manufacturers can fine-tune production schedules, reduce lead times, and optimise resource utilisation.
  • Distributors can optimise warehouse operations, ensure timely deliveries without overburdening inventory, and minimise stock-outs.
  • Retailers can optimise shelf space and promotional activities, maximise sales and minimise markdowns.

Manufacturers

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Distributors

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Retailers

Predictive Insights stock control

Shipping out: Final thoughts to optimise your supply chain

In the dynamic landscape of supply chain management, traditional approaches to demand forecasting are no longer sufficient. The integration of forward-looking data and economic perspectives represents a seismic shift in how businesses anticipate and respond to market demands. 

From strategic planning to operational execution, Predictive Insights offers a strategic advantage, empowering companies to thrive in an ever-evolving marketplace. By embracing these new approaches, businesses in various industries (including retailers, restaurants, and hospitality) can revolutionise their supply chains, unlocking untapped potential and driving sustainable growth in this digital age.

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Knowing your upcoming sales, who will buy from you, and how markets are changing are essential. We help you improve your business through better forecasting.

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