For any businesses selling a good or a service, knowing what the future holds has always been a goal. In the past, particularly before the use of specialized software systems, planning in advance has largely been a factor of past sales data review combined with a reasonable expectation as to future demand.
Today, with software programs that can offer global analysis through to specific location analysis as to the demand for a good or a service, businesses have the ability to access recommendations or forecasts that are based on both historical data as well as current market trends based on the prescribed location or macro level data requirements.
This is only possible through the use of “big data.” These systems are able to take in massive numbers of data points about any given set of parameters to provide demand management solutions for a business.
The Process
With top demand management software, the focus is on using as much relevant data as is available to make the demand forecast that is specific to both the consumer trends as well as the marketing and sales of the company. Obviously, a company that is not involved in marketing and branding is not going to realize the same potential in sales as a company that is.
These programs look at the complete organization. This includes providing information on more than just the consumer demand. It will also include information on the supply chain needed to create the production to meet the demand as well as the ability to procure the necessary raw materials to meet production needs.
In this way, the model becomes completely unique to the specific business. This is often integrated into the current supply chain management software to provide the necessary data and the customized results that are based on the individual companies past, present and future performance.