The importance of demand planning has been reaffirmed time and again in the rapidly changing marketplace. Over the last two years, many new brands have started relying on demand planning software to ensure accurate planning for their business. The pandemic has held a mirror up to global trade, displaying how fast demand can change and why demand planning is necessary to long-term business success.
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 on spreadsheets and complex manual methods to plan demand. But why?
Why are industry giants so reliant on demand planning software, and why should SMEs invest in it?
Read on to find out.
How Industry Giants Stay Ahead
Industry leading businesses understood the need for a demand planning system a long way back. As businesses grow, their volume of sales data increases, making it nearly impossible to manually manage demand and plan ahead. Manual methods like spreadsheets are cumbersome, time-consuming, and expensive in labor hours and errors.
Demand planning software automates the demand planning and forecasting process, providing accurate forecasts in minutes not days. The software also accounts for changes in market trends so companies can stay up to date and make the most of these trends. Automated software easily manages increased data loads. Large companies typically perform demand forecasting at short intervals to stay ahead of changing customer behavior.
Why Do SMEs Need Demand Planning Software?
Supply chains have suffered since 2020, and the situation doesn’t seem likely to stabilize anytime soon. SMEs have borne most of the brunt of the changing global and supply chain conditions. And many of those still surviving are on the verge of shutting down. For SMEs in this scenario, demand planning software could be the first step on the path to surviving and thriving.
Demand planning and forecasting software enables small businesses to accurately forecast demand and effectively plan their supply chain operations. With accurate demand planning you can manage inventory space to save on warehousing costs while ensuring product availability. The software also allows you to monitor changing market trends so you can catch a trend while it’s hot and avoid stockout and overstock scenarios.
Demand planning software is one of an SME’s most cost-effective business and supply chain planning tools. But it’s important to choose the right demand planning software. TransImpact’s Demand Planning Software uses over 250 forecasting algorithms created and refined over years by our supply chain experts in response to our clients’ needs to analyze past sales data, trends, seasonality, the market, and more, providing you with demand forecasts that are up to 99% accurate, for up to 5 years in the future. Analyze trends and stay ready to meet your customers’ needs and wants. Plan demand for an upcoming event or use point-of-sales forecasting to predict demand across all your platforms. It is a comprehensive demand planning and forecasting tool for any business.
Want to know how Demand Planning Software can help your business thrive? Get in touch!
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