Revolutionize Your Demand Driven Business
Running an efficient business is vitally important in today’s business climate. With so many variables, though, that can be an extremely daunting task to accomplish, and many ‘solutions’ are ineffective or provide minimal impact, taking years to pay for themselves. Demand Driven is a concept people think they have mastered when in reality it is the link in their chain that needs immediate attention. Let’s take a look at a few of the areas that should get special attention to make sure your business is Demand Driven.
Demand Forecasting The Critical Piece to Success
One of the standard methods for achieving in-house forecasting is comparing sales from previous dates to today’s sales. The problem with this approach, though, is that there are a lot of specifics that go into how inventory moves on any given day, and those aren’t tied to a specific date but rather to industry buzz, price differences, and more. A quality demand forecasting solution takes those into account and makes things much more efficient. The reality is many (most) legacy forecasting software solutions only run a few forecasting algorithms due to hardware constraints when the software was written. Your business needs more than 2 or 3 forecast algorithms, you need forecasting algorithms for slow and intermittent demand and also algorithms for promotion and other market events. In addition to several forecasting algorithms, you need a focus on demand for all demand types: regular, promotion, event, and closeout.Learn More
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