Demand forecasting allows you to estimate future purchases. Despite this need, many small firms often believe there is no necessity for them to do product demand forecasting. Our quantitative demand forecasting tools are made for you to find out exactly how much you will need to buy.
While product demand forecasting only being an estimate, it should be used to guide the supply chain and business management departments in your company. Demand analysis and forecasting is a tool that offers accurate guidelines for any production line. Given that, we always provide a range of different scenarios in the event that you have unforeseen changes in purchases.
In general, both large and small companies encounter the same product demand forecasting problems. The first thing to remember is that all companies have to consider their throughput time which is often not fully known by them. Inventory changes are large specifically during holiday seasons. With this in mind, a simple demand forecasting estimate will always underestimate the high season and overestimate the low season. Order changes will take too long.
For this reason, we believe successful product demand forecasting in the supply chain should consider three main aspects. Your estimated throughput time, the likelihood of you running out of stock and changes from season to season. Firstly, knowing how fast you sell things can give you a good estimate of the required production lead time and how to decrease throughput time. Secondly, checking the probability of not having stock lets you develop order schedules. Thirdly, knowing how holidays and other seasons affect your sales is important.
You should take advantage of our demand forecasting service during the project development phase. At the same time, it can also be used for an ongoing project. Demand forecasting in the supply chain is part of our Analytics Package. The full package allows you to consider costing, a streamlined production and expected retail demand forecasting at the same time.
Each project requires customized attention. You can choose standard packages or go for a personal-driven solution. Make the best combination for your success and we will deliver it to you with great care!