Top 5 Trends Reshaping Demand Planning
/Strong demand planning is the cornerstone of business success. So what are the top 5 trends reshaping demand planning and forecasting today?
1. Social Media
Social media may well be a businesses’ strongest method by which to sell their products or services. Users in the United States have spent about $86.5 million on TikTok alone since its inception. And 55% of consumers say they learn about new brands on social media. Gen Z and Millennials are especially likely to use social platforms for brand discovery. So today accurate demand planning also includes data relating to social media — and the impact digital marketing has on the popularity of any product. The best demand planning software recognises that well formulated social marketing can directly impact demand forecasting models.
2. Blockchain
Blockchain is a popular digital buzzword with incredibly powerful real-world applications in the arena of demand planning and demand forecasting. A blockchain is a digital ledger that is stored securely and records transactions simultaneously across all of the computers in a given network. Blockchain technology can share data across your whole supply chain, so business can access more reliable data and make more accurate demand planning decisions. As blockchain continues to evolve and develop and becomes a central focus to the food and beverage industry, leading companies such as Cashmere Systems are spearheading the technology and its capabilities. Get in touch to learn more.
3. AI Powered Automation
Many small food and beverage business still don’t track their inventory, or have automated processes to help them with their demand planning and demand forecasting. But many leading F&B retailers are improving the accuracy, reliability and efficiency of their operations by investing in AI powered automation tools. Recognising that AI powered demand planning software can refine and optimise their process of demand planning.
4. Being Proactive
Traditionally demand planning process have been reactive — you wait and respond to changes in demand. But instead proactivity is becoming a leading trend. Today demand planning software systems can put your business on the front foot; providing intelligent and accurate short, medium and long term demand predictions.
5. Machine Learning
A Machine Learning (ML) based approached to demand planning is becoming a very popular trend too. Software, powered by ML, leverages the power of data to deliver improved analyses. ML’s power comes in the way it interacts with data; it can analyse more demand planning data, has the power to identify and highlight hidden patterns in data, and can provide a more accurate forecast. Cashmere Systems machine learning algorithms are so powerful that they can learn your stock behaviour, and produce optimized order plans to ensure accurate stock control, and an enhanced approach to your whole supply chain management.
If you want to gain a stronger grip on the demand planning side of your enterprise, get in touch with Cashmere today. Our inventory and order management software, purchasing software, demand planning software, and advanced ERP solutions are powered by AI and serve F&B clients around the world.
