3 Best Demand Planning Software with Buyers’ Guide
JDA Demand Planning
Synchronize demand forecasting in trading network Collaborative scenario communication Consolidated view of supply chain Plan expected performance Monitor progress Respond to disconnects
Inventory optimization Designed to generate intelligence Performance of inventory Make smarter decisions Inventory investments Obtain results Reduce inventory by 10-30% Achieve targeted service levels above 98%.
Demand Planning Software
Demand planning software allows organizations to decrease waste by tracking trends that will affect future demand. This type of system performs the task by improving forecasting governance to exclude errors or biases in the data and reduce data latency, making real-time demand planning possible. In addition to appropriation software and strategic sourcing software, demand planning methods are an essential, cost-cutting supply chain management software.
Features of Demand Planning Software
Organizations can accomplish two key objectives with the aid of demand planning tools:
- improvement in demand forecast accuracy
- greater control over demand shaping.
Historical analysis: Cross-functional or multi-dimensional forecasting processes examine the traditional demand for an exclusive product along with broader macro-and micro-economic trends to deliver an accurate forecast to supply chain executives.
Data separation: The software collects a wide range of data to improve history and future demand analysis. Filtering and division occur by product, customer, season and market information.
Demand shaping capacity: The software components in scheduling data compared to promotions, advertising, planned product ships and futuristic competitor activity, accumulating and displaying detailed plans for future marketing surveys and the projected effects on demand, awareness, and revenue accompany them.
“What-if” analysis: With all the information in the system, the solution can perform a series of situations and simulations based on “what-if” factors. Based on the inferences of these what-if simulations, can potential deviations from prepared demand can be communicated to the necessary areas of the supply chain order to get shipments or production.
Supply chain communication: Demand planning systems interact with other SCM system elements to renegotiate replenishment scheduling through capacity planning. It limits unnecessary oversupply and cost inefficiencies by decreasing inventory carrying costs and excess inventory write-offs.
Advantages of Demand Planning Software
Demand planning and forecasting solution can yield many advantages for organizations.
Increased efficiency: A demand planning solution assist in enhancing a company’s supply connection and operations, improving function, and managing inventory levels. These software can also generate a demand plan based on traditional data and predict future demand.
Improved collaboration: A demand planning system can assist enhance the interaction between a company’s supply chain and other areas of assistance, including sales, marketing and finance. It can lead to the totality of business plans for different situations to enhance overall productivity.
Cost control: Demand forecasts decrease costs by manufacturing effective inventory-stocking plans. This feature stops inventory overstocking while focusing on high-profit inventory items.
Trend analysis: In addition to managing costs, trend analysis features can generate predictions by capturing historical data and linking it with yearly variation and promotions. These forecasts can help prevent businesses lost due to lack of record.
Evaluating Demand Planning Software
Evaluating demand planning and forecasting software helps assess the functionality and its value to the planning rule. It also requires an agreement of the efficiency, accuracy, and relevance of the data provided, since that data is key to the system’s effectiveness.
Demand Planning Software Trends
Software as a service (SaaS): Organisations are opting for cloud-based systems hosted by the seller and help users run the software entirely via the web browser. Merchants that provide cloud-based demand planning and forecasting software include Fishbowl, SAP, S2K and Infor.
Digital monitoring: Companies face challenges such as delays, longer delivery times, degraded quality and higher costs with the enhancing globalization of the supply chain. Demand planning and forecasting software solutions provide a digital monitoring feature that offers real-time updates to tackle challenges and maintain visibility and connectivity across the entire supply chain.
Artificial intelligence: The supply chain for world companies is complex and continually evolving, which means it is susceptible to mistakes that can cost lakhs, if not millions of dollars. Some vendors are introducing features capable of finding and correcting historical and live supply chain data to combat this.
Increased demand for third party integrations: Not having to buy a completely new system that covers every phase of organisation operations, many consumers now review solutions that permit them to easily convey data, before-mentioned procurement, sales and transactions, from their pre-existing software into the new resolution without requiring extra manual effort.
Analytics : Demand planning and forecasting software vendors use different predictive models to improve the accuracy of demand forecasts. As a result, business intelligence software vendors with predictive analytics capabilities have started offering demand planning and forecasting software for supply chain application. For example, Qlik and Board BI have expanded their product offerings for the demand planning software market.