Why Demand Planning is Crucial for Every Business?
The importance of demand planning has been reaffirmed time and again in the rapidly changing markets. In the last two years, many new brands have hopped on the bandwagon and started relying on demand planning software to ensure accurate planning for their business. The pandemic has held a mirror to global trade displaying how fast demand can change and why demand planning is the only good way to keep growing.
Big retail brands like Target and Walmart have been using demand planning and forecasting software for nearly a decade, and its effects can be seen daily. On the other hand, small and mid-size enterprises or SMEs are often scared to take the leap. They rely majorly on spreadsheets and complex orthodox ways to plan their demand and stay behind. But why?
Why are industry giants so reliant on software, and why SME's should follow the trend?
That's precisely what we will be discussing in this article.
How Industry-giants Stay Ahead?
Industry-leading businesses realized the need for a demand planning system long back. As businesses grow, their sales data increases, making it nearly impossible to manage demand and plan ahead. Manual methods like spreadsheets are cumbersome, time-consuming, and expensive to perform. That's why they choose demand management software like the one provided by TransImpact to plan their demand efficiently.
Demand planning software automates the demand planning and forecasting process, giving them accurate forecasts in less time. This software also accounts for changes in the market trends to help the businesses stay updated and make most of these trends. Also, automated software can easily manage increasing data to give accurate forecasts. Big businesses often perform demand forecasting in small intervals to stay updated on the changing customer behavior and ensure availability.
Why do SMEs Need Demand Planning Software?
Supply chains have suffered since 2020, and the situation doesn't seem to stabilize anytime soon. SMEs have taken the most burnt of the changing global and supply chain conditions. And many of those still surviving are on the verge of shutting down. Demand planning software for SME businesses can be a boon in this scenario.
A demand planning and forecasting software can help small businesses forecast their demand and plan their supply chain operations better. Accurate demand planning can help them manage their inventory space to save on warehousing costs while maintaining availability. They can also use the software to monitor changing market trends - which is often difficult to do on spreadsheets - and manage their inventory likewise.
Demand planning software is one of SMEs' best supply chain planning tools. It saves them time and money while promising greater accuracy. But it's important to choose the right demand planning software. Avercast - A TransImpact Company provides one of the best demand planning and forecasting software. It uses 250+ forecasting algorithms to give accurate future demand forecasts for up to 5 years. Seasonality and trend analysis help businesses analyze trends and stay ready for any market changes. They can use event forecasting to plan demand for an upcoming event or use point-of-sales forecasting to predict demand across various platforms. It is a comprehensive demand planning and forecasting tool for any business.
Wish to know how demand planning software can help your business? Get in touch!
