Demand planning is a complex process. As humans, the calculation of future sales has reached the ceiling to the insights we can glean from data. Hence, we rely on software to boost the effectiveness in decision-making. Demand planning software is one of the most valuable tools to utilise. Demand planning software can produce accurate results- it is even more precise with machine learning algorithms and robust data sets. There are many choices on the market, and we have compiled a list of AI-powered demand planning software in this article.
What is demand planning?
Demand planning is a supply chain management process of forecasting, or predicting, the demand for products to ensure businesses can be delivered and satisfy customers. The process requires analysing sales and consumer trends, historical sales and seasonality data to optimise the business’s ability to meet customer demand in the most efficient way possible.
Many factors can influence demand, including labour force changes, economic shifts, severe weather, natural disasters or global crisis events. Demand planning combines sales forecasting, supply chain management and inventory management. It uses internal and external sources to predict future demand to inform sales and operations strategy. So businesses can plan how much product to buy or manufacture to meet that demand.
What is demand planning software?
Businesses implement demand planning tools to plan and manage future inventory and production. Demand planning software provides businesses with forecasting solutions that help them prepare for future customer demand. By predicting their long-term needs, businesses can better prepare for upcoming demands by ensuring that the proper quantity and type of inventory is stocked when needed. Demand planning solutions rely heavily on predictive analysis and are often a part of supply chain management solutions. By analysing historical data with machine learning software, the accuracy of predictions can be improved.
Best demand planning software
2. SAP Integrated Business Planning
5. Service Optimizer 99+
10 Best Demand Forecasting Software for 2022 (+1 Free) | GMDH (gmdhsoftware.com)
34 Best Demand Planning Software for 2021 (unioncrate.com)
Best Demand Planning Software in 2021: Compare Reviews on 90+ | G2
What is Demand Planning and Why Is It Important? (michiganstateuniversityonline.com)
Demand Planning: What It Is and Why It's Important | NetSuite
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