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.
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
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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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.
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 companys demandand 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
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