Demand planning and forecasting are two essential tools in the supply chain management arsenal. enVista’s consulting services can help optimize your demand planning and forecasting, improving the efficiency of your supply chains.
Demand forecasting is the prediction of future customer demand using a variety of analytical tools. This practice helps businesses plan production scheduled, inventory management and logistics more efficiently. Accurate demand forecasting aligns supply with demand, minimizing excess inventory, reducing shipment delays and increasing customer satisfaction. It also reduces the required working capital and makes for more efficient cash flow.
Demand planning is the action taken based on the information gleaned from demand forecasts. Demand planning involves turning forecasts into budgets, allocating resources and identifying KPIs for performance monitoring. Planners turn statistics into actionable strategies to help your business increase its performance. These strategies can include techniques such as demand shaping, where promotional campaigns, dynamic pricing and marketing efforts can be employed to adjust demand based on the organization’s capabilities and goals.
enVista’s demand planning and forecasting consulting can help you implement tools for demand forecasting and better understand how to interpret and act on the data you’ve gathered.
Demand planning and forecasting optimizes the flow of inventory throughout the supply chain to improve customer service and reduce inventory carrying costs. enVista’s consultants can help you streamline your supply chain processes across the product lifecycle. Advanced demand planning and forecasting tools give retailers the visibility to inventory demand where and when it occurs, as well as automate processes and understand exceptions to deliver improved results, so you can forecast demand and react to changes quickly and effectively. enVista’s team brings deep experience with today’s most sophisticated systems to help you develop and implement a solution to meet long-term requirements.
Our process includes a significant change management phase related to the forecasting teams. Without proper buy-in, there is no guarantee your new processes will work correctly.
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