Demand forecasting | 5 steps to supply chain success
When it comes to demand forecasting, each business division has its own set of goals and objectives. Consequently, there are likely to be very different opinions as to what should be taken into account when developing a forecast. Given that demand forecasting provides the basis on which many key decisions are made, how can businesses adopt a more collaborative approach for demand forecasting?
In many businesses, the sales team will demand consistently high levels of availability in order to satisfy customer orders. On the other hand, the finance team are likely to be more interested in budgetary restraints and thus inventory costs are seen as a much higher priority. For operational and supply chain teams, these conflicting perspectives have a huge impact on demand forecasting. While failure to take into account the insights from the sales and marketing teams could leave customers disappointed, without sufficient input from finance, the business can quickly become exposed devastating cash flow issues.
As part of our 5 steps to supply chain success series, inventory management experts, Joseph Prosser and Rob Crellin, hosted a special webinar focused around the topic of demand forecasting. In this brief 30-minute webinar, they explore how businesses can capture market intelligence from across the business in order to develop a robust forecast that is better aligned with the “real” anticipated demand.
This webinar focuses on a range of factors including new customers, planned promotional activity and how price changes impact demand in order to demonstrate how such insights can be built into the forecasting procedure. Ultimately, this webinar will demonstrate how you can work more effectively with S&OP leaders, category managers, supply and demand planners as well as the sales team.