Enhance Your Supply Chain with TransImpact’s Demand Forecasting Software
Added: (Thu Aug 18 2022)
Pressbox (Press Release) -
In the race to provide better service faster, companies are constantly seeking strategies that make them more agile and responsive, while promising higher revenue. Demand forecasting is one of the most essential aspects of supply chain planning and optimization.
Demand forecasting involves predicting future demand based on past sales data and current market scenarios. It helps you understand how demand for your products is changing and why. Retail giants like Target and Walmart have long relied on demand management systems to monitor and manage demand and ensure product availability.
Smaller brands are also starting to realize how investing in Demand Forecasting Software can pay off over both the short and long term. Demand forecasting adds value to the entire supply chain and benefits the business at every level. A few prominent benefits of demand forecasting for all sizes of business include:
Avoid stockout & overstock scenarios
Demand forecasting enables you to have the right products in the right place at the right time, thus avoiding stockouts, sales loss due to low inventory, storing the wrong products, and overstocking costs.
Manage inventory better
When you know which products you’ll need in upcoming periods, you can manage your inventory to save on inventory space and increase revenue. Manage inventory by location to reduce lead times.
Ensure product availability
Demand planning and forecasting enable you to ensure product availability at all times by optimizing your inventory levels. Calculate your safety stock to ensure product availability during spikes in demand or delays in replenishment. Delight your customers and enhance your brand reputation.
Prepare for the future
With demand forecasting, you can predict upcoming events and market changes and prepare for them in advance, gaining an edge over your competitors.
Monitor business performance
Demand forecasting allows for comparing product performance over time. Use data from past, present, and forecasted future demand to recognize trends and identify bottlenecks in your supply chain.
Make smarter decisions
Demand forecasting aids overall decision-making at the executive level. Determine the right time to launch a new product, introduce new discounts, or open a new warehouse to reduce lead times.
Minimize costs
By accurately forecasting demand, you can recognize and eliminate excessive costs, like extra warehousing costs on unnecessary products. Reduce the money lost to deadstock, and plan replenishment to avoid excessive surcharges.
TransImpact’s Demand Forecasting Software
TransImpact’s industry-leading Demand Forecasting Software uses over 250 forecasting algorithms – created and refined over years by the company’s supply chain experts in response to clients’ needs – to analyze past sales data, trends, current market conditions, and more, providing demand forecasts that are up to 99% accurate for up to 5 years in the future. Users can track changes in demand and perform point-of-sales forecasting for all their platforms. Seasonality and trend analysis, event forecasting, point-of-sales forecasting, and forecast comparison ensure accurate forecasts under all conditions. Relied on by global leaders, it is one of the best demand forecasting solutions available today. To learn how TransImpact’s Demand Forecasting Software can help your business thrive, get in touch!