Demand Planning is essential for all product companies that are trying to effectively manage inventory to maintain a competitive edge in the global business community. This is used to add functionality that enables customers to succeed in gaining a competitive advantage. Demand Planning solution enables you to gain intelligence on future demand for your products. It manages incorporation of promotions, macroeconomic influences, and your business intelligence through managerial overrides.
Features of Demand Planning
- Improve inventory forecast accuracy – by automatically building inventory forecasts from real time data, businesses can reduce demand planning cycle time, lower risk of error, and operationalize the demand planning process.
- Reduce excess inventory or risk of stock outs – by ensuring the right amount of inventory is kept on hand to effectively meet demand rather than having to tie up unnecessary capital in inventory.
- Minimize manual restock processes – by automating the actual inventory replenishment plan and creating the necessary purchase orders and work orders to meet anticipated demand.
Key Components of Demand Forecating
- Import historical sales data: Through Data Integration feature we import historical data to demantra automatically, or manually via a tab-delimited text file uploaded in demantra using some custom tools.
- Create statistical forecasts: Forecasts can be generated as often as required (most Demantra clients run new forecasts weekly or monthly).
- Import customer forecasts: Using Data Integration feature can connect to external data sources where such data is shared. Customer or external sales forecasts can also be uploaded using Excel spreadsheets converted to text files.
- Collaborate with customers: Demantra data can be shared with customers as Excel spreadsheets. Demantra also allows you to limit the type of data you share with customers via a special license.
- Review forecasts: Numerous metrics are included in Demantra to test results. Demantra includes confidence indices, trend indices, hold-back testing, and other analytics to test the reliability and continually improve the forecasting process. Improve accuracy in demand projection, providing realistic planning and reduced inventory.
- Flexible override capability: It provides fully customizable forecast override ability, with audit capability