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Cracking the Code on Demand Planning
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The Demand Planning Maturity Model outlines a four-stage path that organizations can follow to enhance their demand planning processes. It starts from relying on gut feel and intuition, moves through stages of increased collaboration and automation, and culminates in fully integrated planning supported by data science. This model is significant as it helps organizations adapt to shifting demand patterns and manage supply chain disruptions more effectively.
How can organizations improve forecast accuracy?
Organizations can improve forecast accuracy by adopting anticipatory analytics, which utilizes machine learning to provide AI-driven insights. This approach can lead to an increase in forecast accuracy by 10-33%. Additionally, implementing robust statistical forecasting solutions and integrating sales order data with shipments can further enhance accuracy and responsiveness to changing consumer behavior.
Why is demand planning important now?
Demand planning is increasingly important due to intensified competition, shifts in consumer purchasing behavior towards online platforms, and the unpredictability of supply chains. With consumer expectations rising, especially influenced by the 'Amazon effect', organizations must rethink their demand planning strategies to protect revenues, reduce costs, and improve overall forecasting accuracy, which can decrease inventory costs by 15-30%.
Cracking the Code on Demand Planning
published by JuvinTech
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