Demand Planning Software
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Learn More About Demand Planning Software
What is Demand Planning Software?
Demand Planning Software is used by businesses to accurately forecast demand for products with the goal of optimizing production. It helps ensure inventory levels are sufficient to meet market demand while mitigating wasteful practices. This promotes more effective budgeting, ordering, and production scheduling.
The software uses machine learning, AI, data mining, and predictive analytics to analyze historical data and identify trends to estimate future demand. This enables businesses to better manage both existing products and new offerings. Consistent product availability contributes to customer satisfaction and confidence.
Customer segmentation and buying behaviors contribute to ‘what if’ scenarios which are modeled to evaluate the impact of a variety of demand drivers and marketplace events such as seasonal demand, new promotions, or stock outages. Solutions that integrate data from POS systems and IoT-enabled inventory controls support real-time modeling of demand forecasting.
Demand planning solutions are found in business planning suites, while many others are offered as point solutions. Some demand planning software is tailored to specific industries such as fashion. These solutions are closely related to and often integrated with Inventory Management Systems, Sales Forecasting Software, and Supply Chain Management Software.
Demand planning software is used by demand planners, supply chain managers, product managers, buyers, marketers, and sales professionals.
Demand Planning Software Features
Demand Planning Software will include many of these features:
- Predictive analysis tools
- Custom forecasting models, demand drivers, and “what if” scenarios
- Demand planning by customer segment, product, region, pricing
- Machine learning and AI
- Historical data capture, analysis, and trend identification
- Real-time data capture from POS and IoT-enabled inventory
- Data visualization, dashboards, and reporting
- Integrations with inventory, supply chain, and sales forecasting systems
Demand Planning Software Comparison
Consider the following when purchasing Demand Planning Software.
Scope: Determine whether a standalone solution or a broader business planning suite that includes demand planning features will best address your needs.
Cost: Demand planning software can be costly. Larger businesses with a greater number of products and higher sales volumes will benefit the most from these solutions.
Effectiveness: To make the most effective use of any demand planning solution, coordination, and contributions from a range of in-house professionals are required: statisticians, supply chain managers, product managers, and sales managers. The software requires the timely and complete capture of sales and inventory data to produce the most accurate demand forecasting.
Pricing Information
Demand planning software is expensive. Prices can range from $5,000 to $50,000 or more depending on the scale of your operation and the features provided. Vendor price quotes are often required.