Demand Planning Software
Basics of Demand Planning Software
Demand planning software is specialized software for businesses. It analyzes several different historical analytics, such as inventory, stock, prior demand, and more, to create recommendations for inventory management and resource allocation.
Basically, demand planning software analyzes a business’s performance historically to provide guidance on how many units to stock, resources to allocate, and changes to make. This software can be used to create long-term projections and estimates about a business’s growth.
Also, users can input performance data from promotions, rebates, sales, and marketing. This can then be reviewed to see the short-term and long-term effects of these campaigns. Given these benefits, it is no surprise that there are plenty of businesses currently using demand planning software.
5 Special Features of Demand Planning SoftwareFive unique features that set demand planning software apart include:
- Statistical analysis. Statistical analysis and forecasting allow demand prediction software to create projections based on historical data. This tool can help businesses adequately prepare for upcoming changes and trends.
- Segmentation. Segmentation allows for easy sorting of historical inventory information, making it easy to understand how many units should be ordered in the future.
- Collaboration. Demand planning software is collaborative, meaning that multiple users can add information simultaneously.
- Simulation. Simulations allow users to tweak information and create what-if situations based upon historical data. This can be a great way to test marketing strategies or other promotion ideas.
- Product/Performance management. Resource planning software allows detailed performance reports to be generated based on aggregated data.
How Demand Planning Software Helps With SpeedResource planning with this software instead of on paper or verbally produces five key benefits. While dependent on processing power, automated software can analyze several data inputs incredibly quickly. Demand planning software can synthesize data being input from multiple users and generate plans faster than what can be done with human labor.
In short, resource planning with this software lets you dramatically speed up the process. And because the process of demand planning is automated, employees using it will have higher overall efficiency and can focus on other essential tasks.
How Demand Planning Software Helps With AccuracyWhen you set up the software and allow it to use your historical data, you ensure a higher level of accuracy in your work. This is because you remove the element of human error in this phase. Not having to regularly double-check work done by fellow employees in this phase (since this will be automated) can lead to greater efficiency as well.
Find the Best Demand Planning and Forecasting Software for Your BusinessReady to shop for demand planning software? Step one in this process is to look at the best-reviewed companies online. Websites like G2 and SoftwareAdvice recommend a number of different software solutions for businesses. These recommendations come with user reviews, a description of each company, and information on how to obtain their services.
When looking at reviews, you want to keep in mind that different businesses have different requirements. So while a demand planning software may be well-reviewed for some companies, it may not necessarily work for yours. Be sure to check the reviews and company description to make sure their services will benefit your specific business before making a decision.
Some of the highest-rated software solutions online include:
- SAP Integrated Business Planning.
- JDA Demand Planning.
- Courier Scripts.
- Forecast Pro.