Find Best Demand Planning Software for Your Business

Demand Planning Software:

Demand Planning Software is a software that is used to provide forecasting solutions for businesses that help them prepare for future customer demand.
Future inventory and production can be planned and managed by using Demand Planning Software. The software help businesses serve their customers by predicting their long term requirements.
By getting the prediction of future requirement, the business can be better prepared for upcoming demands by ensuring that the proper quantity and type of inventory is stocked when needed. Demand planning software mostly rely on predictive analysis and are often a part of supply chain management solutions. It can be integrated with machine learning software to increase predictions by analyzing historical data.
The software will help you avoid both stock-out and overstock situations that will enable you to operate more efficiently on lower levels of inventory.
Also referred to as inventory forecasting software or business forecasting software, Demand Planning Software can be used to predict the upcoming demand for a product so that the company can plan their supply accordingly. Slow moving products take up valuable inventory space or not having enough fast moving products to meet the demand for the company can be avoided. You can accurately forecast the demand for your products by analyzing relevant historical data and considering the latest trends, seasonal patterns, and events to predict your future sales.
Your demand patterns of inventory can be accurately detected and corrected to increase your business profit ability significantly. Customized solutions can be designed for the financial projection software, with additional functions and features for an improved forecast to meet the needs of your business.
Data can be represented in graphical manner for an easy understanding of each process level of the business. Weekly and monthly estimates can be generated at different levels of product sales that will help you with effective enterprise planning.

Features of Demand Management software:

Features of Demand Management software include:

• A baseline forecast can be generated based on the historical sales data and relevant statistical model. Improvement can be seen in the final Demand Plan released as cross-functional consensus forecasting can be combined with external economic factors and market intelligence.
• High volume of historical data can be easily sorted.  These data can be segmented based on the SKU, product category, distribution region, customer, seasonality, etc. Meaningful data reporting can be easily extracted.
• Communication with in departments, information sharing, and transparency can be greatly improved as it allows multiple users to simultaneously input their data online, offline or remotely through their computers, excel templates or web applications.
• Various parameters like pricing, marketing promotions, new product launches, competitor activities, market intelligence can be tweaked to generate what-if scenarios that help business better prepare for changing market conditions.
• The impact of new product launches, product upgradation, pricing, rebates, marketing activities, product discontinuation, etc. can be analyzed by Product Lifecycle Management.
• Deviations in ordering patterns, real time analysis of forecast vs. actual, exception reporting, trend reporting, potential inventory and shipment issues can be tracked by Performance Management.

Benefits of Demand Management software:

Benefits of using Demand Management software include:

• Because of higher data processing speed of the software and capability to handle multiple users with simultaneous inputs, the entire process of Demand Planning becomes very fast.
• The software helps in enhanced accuracy by securely storing historical data and the capability to get it retrieved with very high data integrity. Increased accuracy due to in built systemic checks and balances for user inputs.
• Higher efficiency because of simplified user input workflow, standardized processes and the most current data is automatically refreshed from database.
• As reduced number of resources are deployed for Demand Planning process with increased accuracy and efficiency, forecast accuracy is improved leading to overall inventory reduction across the Supply Chain.
• Software programs can easily handle higher volumes of data and are ready for scaling businesses in future. Customization is of high degree as per user requirements and the capability of running what-if scenarios provides unparalleled flexibility.  
• Key insights from inventory trackers and other metrics can be extracted.
• Raw data can be converted to actionable forecasts.
• Automated forecast processes can be supported and facilitated.
• Predictive analysis tools can be involved.
• Reliable predictions can be produced.