Four Secrets About Improving Demand Forecasting That Nobody Will Tell You | Quantzig
LONDON–(BUSINESS WIRE)–Quantzig, a premier analytics solutions provider, announced the completion of their latest demand forecasting article. Players in the retail industry are often posed with tough questions like how much of a certain merchandise to stock, which brand will sell the most, what is going to be the busiest time of the year. Some things might be easier to predict while others are almost impossible. However, that doesn’t stop retailers from using demand forecasting as the go-to tool for inventory planning and merchandising. Retailers have been using demand forecasting for a long time to improve their business operations.
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The increasing impact of digitalization is changing the way of shopping across the globe. Retailers have been using demand forecasting for a long time to improve their business operations. Still, only a few retailers are capable of producing a good forecast; thereby, improving their inventory planning. Here are some insider tips to improve your demand forecasting:
1. Understand the drivers
2. Use right inventory management system
3. Understand the drivers of uncertainty
4. Measure and report forecast accuracy
“Inventory management has a significant impact on the forecasting accuracy. It is essential to know what’s happening in the warehouse to facilitate accurate demand forecasting,” says a demand forecasting expert from Quantzig.
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A company’s ability to accurately forecast demand depends on numerous factors. Analyzing these factors in advance helps companies plan ahead and create an accurate demand forecasting strategy. Manufacturers should also ask questions regarding the consistency of the demand, factors influencing the variables, levels of supply chain visibility, modes of transport available, and access to multiple modes of transport. Figuring out such uncertainty refines your forecasting, which enables companies to have a backup plan in place.
Talk to our analytics experts to gain in-depth insights on how an analytics-driven demand forecasting can help you improve sales and drive growth.
Demand Forecasting Benefits
- Reduce supply chain shock levels
- Reduce production costs
- Enhance supply chain performance
Our Sales Analytics Capabilities:
1. Sales and Operational Planning Analytics
2. Sales Analysis and Forecasting
3. Sales Force Effectiveness
4. Trade Spend Analysis
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal