A well-known market intelligence company, Infiniti Research, has
announced the completion of their recent article on a
closer look at demand management and its core components. This
article explains what demand management is and how companies can close
the gaps between their demand and supply with the help of effective
demand management strategies.
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https://www.businesswire.com/news/home/20190410005380/en/
Core components of demand management. (Graphic: Business Wire)
Demand management involves controlling and tracking the requirements of
different business units and other internal purchasing operations. Using
demand management strategies, organizations can avoid gaps in supply and
demand and also promote better supplier relationships. It also plays a
major role in addressing external spending factors, arranging purchase
orders, and eradicating waste.
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Core components of demand management
Forecasting
There is more to forecasting than merely loading data into a
spreadsheet, forming a basic view of projected sales based on that data,
and then adjusting the business plan accordingly. Forecasting must help
companies to be prepared for any unexpected twists or turns by including
multiple scenarios in the forecasting process.
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Supply planning
There may be constant changes in the supplier landscape, wherein new
suppliers may spring up in the market or an existing supplier may go out
of business. But if companies are not prepared to meet these changes and
only react when they occur, chances are that they may get pushed behind
by other competitors in the market.
Demand analysis
It may prove to be a huge mistake to base demand forecasts solely on the
past sales data. Most ERP systems record sales data based on when a
product was shipped and not based on when it was first ordered. Only by
keeping an accurate view of order history can they paint a realistic
picture of the company’s demand—and then strategize on ways to meet that
demand each year.
Sales and operations planning
Supply chain organizations can no longer operate in a silo, free from
the input of executives. Over the past two decades, several companies
have embraced sales and operations to involve a wider range of
stakeholders in every supply chain decision. Furthermore, supply chain
information and needs are now even being taken into every business
decision.
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About Infiniti Research
Established in 2003, Infiniti
Research is a leading market intelligence company providing
smart solutions to address your business challenges. Infiniti Research
studies markets in more than 100 countries to help analyze competitive
activity, see beyond market disruptions, and develop intelligent
business strategies. To know more, visit:https://www.infinitiresearch.com/about-us
View source version on businesswire.com: https://www.businesswire.com/news/home/20190410005380/en/