Demand planning software
What is demand planning software?
Demand planning software, which is also known as inventory forecasting software, allows any business to forecast the future demand for a product to map out their supply accordingly. The software is referred to as business forecasting software; this kind of solution helps the business avoid slow-moving products to take up important inventory space or not have enough fast-moving products to meet the demand.
Why are businesses leaning towards demand planning software?
Businesses are leaning towards demand planning software for the following reasons:
- Improved accuracy, accountability, and alignment around demand forecasts
- Bringing together demand drivers and lead indicators.
- Lessen the time spent on creating forecasts with advanced AI/ML and cross-functional collaboration capabilities.
- Increase focus on managing risks and opportunities.
- Incorporates better Demand Drivers: Shipment versus leading indicator driven forecasting makes better growth-driven decisions.
- Build a better consensus forecast: Sales, operation with sales, finance, provide chain sharing in one consistent view.
- Bring Transparency to Forecasting: Creates forecast you can trust, and build consensus with more evident assumptions and impacts.
- Drive cross-functional buy-in: It improves accountability with improved sales implementation of demand planning across all scenarios.
How can businesses incorporate demand planning software?
There are several methods of how a business can adapt to the software, here are a few of them:
Custom reporting: – With the help of a built-in dashboard and an integrated business intelligence tool, reporting tools make custom reporting more accessible than ever before. Ideum demand planning software utilizes MS SQL database technology to achieve custom reporting, making the software much more comfortable to access.
- Custom Demand Planning
Businesses do encounter situations with problems related to forecasting or planning. Our team will help you design a customized business forecasting software solution so that you never have to go through the complicated process of determining a whole new inventory forecasting software provider ever again.
- Leading Algorithms
Ideum Demand Planning Software is powered by a leading 208 forecasting algorithm and is the best forecasting software. The demand software methodically measures each algorithm alongside five years of historical inventory data at any hierarchy level before selecting a “best fit” for moving forward. Forecasts are displayed for up to 50-60 months in the future.
- Industry Leader in Demand Planning Software
Ideum group is in the business for over forty years. With experience over time, we have developed and delivered a customized solution for each of our customers to grow. Some of the growth highlights include:
- Accurate forecasting
- Demand forecasting at Any Level
- Having a Customized Solution
- A Customer and Salesman Forecast Comparison
- An intuitive Software Interface
Challenges of implementing a Demand Planning solution and how to overcome them
Putting into operation any new system in an existing business has its own set of challenges. Anticipating such challenges and proactively working towards possible solutions is the key to success. Summarized below are some common challenges with probable solutions:
- Lack of documentation of business processes
The probable solution to this is to ensure that all the crucial contributors of Demand Planning like Sales, Marketing, Finance, etc. have their fundamental processes well documented, and individual expertise included.
- Lack of top management clarity and commitment
Top management is generally the project sponsors, and they need to be clear on the existing processes, desired processes, and software deliverables. The execution needs to be driven with a top-down approach, and proper resource allocation is the probable solution.
- Technical issues
The software solution that is chosen needs to be incorporated with an existing system, including an ERP system. Preliminary evaluation of the upgrade or change is required in the computers, servers, networking, internet speed and bandwidth needs to be authenticated.
- Inadequate analysis of requirements
The core team members and demand planning experts need to conduct an in-depth analysis of the existing processes such as Modification required in the operations, new functionalities, reporting preferred from the software solution, and the competence and deliverables of the latest software.
- The resistance of users to adopt the new system
Adapting to a new system is, by far, one of the most challenging and complex issues. To deal with this, businesses need to engage the users in the early stages of a project. Explain the users all about the potential benefits for them and the industry. Having transparent communication in project milestones, timelines, feedback from users, and proper training is necessary.
- Business continuity concerns during the execution phase
Resources are typically stretched and controlled; hence prime time and people management skills are required. Department heads need to allocate their users for business process documentation, testing, and completion.
Inventory Forecasting Software
Inventory forecasting software is an essential part of the demand planning software suite. Inventory forecasting tools allow a business to analyze the inventory across locations and consider areas that may have too many stocks on hand to be transferred to a site where stocks are almost sold out. Inventory forecasting software systems also allows businesses to combine with an ERP system so that your inventory forecasting tools update daily according to the data in your ERP system.
How does Inventory Forecasting Software assist business?
- Forecast Demand Accurately
In a current situation, there are considerable ways to forecast the demand of your business. Ideum Business Forecasting analyzes up to sixty months of history and a roughly about another sixty months by using over 200 expert algorithms. The system goes through each of these algorithms while analyzing the seasonality and trends to generate a forecast you can trust and apply for your business.
- Customized Solutions
Being in the business for quite some time, we have seen several unique supply chain challenges. All businesses are different, and hence the requirements may not be similar to other companies. A different approach and solution are added to their demand forecasting process. Our team takes notes on the obstacles a firm may face and then work to design a creative, feasible solution.
- Intuitive Software Interface
Business turnovers and new hires can slow things down and hinder efficiency. A user-friendly inventory forecasting software solution makes a flawless change. Users can view all data in a graphical overview. The new demand executives will perform at the same level or better than your old ones with an enhanced customer interface that is easy to use and combines many forecasting options.
- Customer and Salesmen Forecast Comparison
As a business, you are most likely to receive different forecasts from diverse places. Few of the estimates may come from the sales team, some from the customers, and some demand forecasting software (like us). With Ideum Group, you can compare your customers’ forecasts, sales team, and software’s calculated forecast to make alterations and produce an extremely accurate demand forecast to help you plan inventory as efficiently as possible.
- Forecast At Any Level of Hierarchy
Maintaining a track of the demand for every single variation and every available product can be tricky. When considering every location, customer, SKU, warehouse, planner, sales region, groupings, total business, etc. teams tend to get overwhelmed while trying to keep things organized. Ideum allows you to forecast demand at any level you desire.
Get started today!! Contact the Ideum group on +1(954) 866 3487 to learn more