What is Demand Planning Software?
The software which forecasts the demand for a product or service so it can be produced and delivered more efficiently to fulfill customer demand. This software is mostly used to plan the supply chain management.
Demand Planning software combines all the past sales data, important business information, and statistical analysis into a single dashboard and automatically generate long-range estimations of expected demand.
A planning team is made which usually assembles the sales, operational and technical departments to prepare a statistical forecast using the software.
Benefits of Demand Planning Software
- Increased productivity: The software provides you data to predict the estimated demand for the product, hence eventually the shortage or oversupply would reduce.
- Enhanced efficiency: User input workflow is simplified, processes are standardized, and the most recent data is automatically refreshed from database leading to high efficiency.
- An effective demand planning software can assist supply chain managers by accurately forecasting product production and expected the company’s revenue.
- Cost savings: Overall inventory cost will be reduced with increased accuracy and efficiency.
- Increases supply chain scheduling: Your business can plan production, warehousing, and shipping by predicting and analyzing when sales are likely to happen.
- Labour management will be optimized: Successfully predicting the peaks in demand allows your business to plan your staffing needs more accurately during periods of high product demand and vice-versa.
Examples of Demand planning software: