Forecast customer demand with accuracy

When selecting demand planning software it is essential to consider how the platform can access and store data. The more detail you can forecast to like by sales value, sales cost, stock availability and number of invoices the better the accuracy. Ensure the software can accept supply chain management information from the warehouse and beyond as well as pertinent information from your ERP as well as be able to customize the databases to support your business nuances.

Effective demand planning often requires input from multiple stakeholders across different departments. Look for software that facilitates collaboration by enabling teams to share data, insights, and feedback in real-time.

The software should provide powerful analytics and reporting capabilities to track forecast accuracy, monitor key performance indicators (KPIs),and identify trends and patterns in demand data. Look for customizable dashboards and real-time insights to support data-driven decision-making.

Demand planning and demand forecasting are closely related concepts in business operations and supply chain management, but they serve different purposes and involve distinct processes.

Demand forecasting involves predicting future customer demand for a product or service based on historical data, market trends, seasonality, and current conditions. Demand planning involves translating demand forecasts into plans and strategies to ensure that the right products are available in the right quantities at the right time.

Yes, many software solutions are designed to handle both inventory management and demand forecasting within a single integrated platform. These types of software offer features to help businesses optimize their inventory levels while accurately predicting future demand. Look out for platforms that offer Artificial Intelligence capability, multiple system and data integration plus reporting and analytics.

The Phocas platform integrates data from various sources, including historical sales data, inventory levels, customer orders and market trends to facilitate both inventory management and demand forecasting processes. Phocas includes advanced forecasting algorithms and models to generate accurate demand forecasts. Planners can adjust parameters and perform scenario analysis to improve forecast accuracy.