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Demand Planning Software helps all the organizations to minimize waste by tracking trends that will affect future demand.
Demand Planning Software helps all the organizations to minimize waste by tracking trends that will affect future demand. This kind of system mainly accomplishes the task by developing forecasting governance to eliminate errors or biases in the data and also by decreasing data latency that makes real-time demand planning possible.
Features Of Demand Planning Software
Let have some points on the features of Demand Planning Software:
This software gathers a wide range of data to improve past and future demand analysis. Here filtering and separation occurs by the product, customer, season and market information.
Here cross-functional or multi-dimensional forecasting processes scrutinize the historical demand for an individual product along with broader macro- and micro-economic trends to provide an accurate forecast to supply chain executives.
This software mainly factors in scheduling data related to promotions, advertising, planned product launches, and upcoming competitor activity, accumulating and displaying detailed plans for future marketing campaigns.
With all the information in the system, the software performs a series of scenarios and simulations based on the “what-if” factors. Relied on the results of these what-if simulations, potential deviations from planned demand can be communicated to the proper required areas of the supply chain in order to adjust shipments or production.
Demand planning software communicates with other elements of the SCM system to renegotiate replenishment scheduling through the capacity planning. This prevents unnecessary oversupply and cost inefficiencies by decreasing inventory carrying costs and excess inventory write-offs.
Benefits Of Demand Planning Software
Now, it’s the time to throw some lights on the benefits of Demand Planning Software: