For any business, understanding the customers’ buying behavior, expectations, and potential demand is critical to ensure that they can provide the customers with the experience they want. Demand forecasting can help businesses in ensuring that their operations planning and supply chain management is in alignment with customers’ expectations. With an accurate forecast of demand, it is easier to maintain an optimum level of production capacity and inventory levels. Also, accurate forecasts ensure enable businesses to plan their sales strategies as well as align their finances optimally.
What is Demand Forecasting Software?
Demand forecasting software uses advanced technology, such as AI and machine learning enabling more accurate predictions of demand patterns in the future. Unlike traditional methods of forecasting demand, such as spreadsheets and manual analytics, which are slow, time-consuming, and less accurate. Along with that, software solutions not only work on historical data but also capture real-time data from different PoS and data sources to create a more accurate forecasting model. Modern-day demand forecasting cloud software solutions also enable users to work from anywhere, eliminating location limitations. It also ensures that the data is communicated across teams effectively so that every department works in a single direction to achieve the business goals.
Who Uses Demand Forecasting Software?
Demand forecasting features are a requirement for almost any company that wants to give their customers the best service and buying experience. It is used in countless businesses across different verticals. Some of these verticals include food & beverages, retail, FMCG, and automobiles. Suppose a company has any kind of inventory to maintain. In that case, they require demand forecasting software to eliminate the possibility of stockouts and surplus stock by optimizing its inventory.
What are the Benefits of using Demand Forecasting Software?
Forecasting demand can be beneficial for any company with an inventory as it helps optimize it, and an optimized inventory can be a game changer for any company. The demand forecasts created by the software will have an impact on almost every section of a company in a positive way. Here are some of the major benefits of using a demand forecasting software solution.
Benefits of using demand forecasting software
When you have an accurate forecast of the demand in the future, you can plan your inventory so that you do not lose any sales because of stockouts. You will have precise knowledge of what SKUs to keep in stock, along with their quantity.
Importance of accurate demand forecasting can help you formulate sales strategies that can help you get the best sales revenue. Using a software solution for demand forecasting can increase your sales revenue significantly.
An optimized inventory not only reduces the cost of buying extra materials but also the cost incurred because of the storage of extra products. The forecasting software helps in precisely determining the required inventory levels.
Forecasting software increases the analysis accuracy and speed, which in turn helps in taking faster decisions; hence the entire supply chain turn-around time is reduced. Faster operations and decision-making help in enhancing profit margins.
Businesses can refine and plan their promotional activities when they have clear demand patterns for the future. The forecasting software makes it easier to analyze historical as well as real-time data and helps in planning promotion strategies in a more efficient way.
3SC! An Industry Leader in Demand Forecasting Software
When it comes to choosing the best demand forecast software for your business, there are many factors to consider. 3SC offers one of the most sophisticated software solutions for demand forecasting. Our agile and intelligent planning platform uses complex AI-based algorithms to analyze the data captured and project the most accurate demand predictions for the future.