IBM, demand management, forecasting
Demand management - the next generation of forecasting
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More than software
In virtually every industry, companies are challenged by ever-higher customer expectations, stricter regulations, changing market dynamics and the ongoing impact of the Web – all of which are compelling them to reexamine and refine how they forecast and manage demand. As many are learning, it is a process that involves far more than installing forecasting software. These tools, though increasingly sophisticated, are a small part of the overall solution, and are by no means solely responsiblefor steering business growth. Today, successful demand management requires a multichannel, multilevel approach that exploits every link in the supply chain, which for most enterprises represents a complex group of constituents.
Still, many organizations cling to “install now, think later” strategies that fail to take into account the various, often subtle factors that can affect the success or failure of their value chain. When one considers the increasingly virtual and volatile nature of commerce, this can have dramatic implications. Forecasting demand is no longer measured in days and months; it is gauged in hours and minutes. If an organization’s process for gathering, disseminating and utilizing data takes too long, or if the data is marked by redundancies, inaccuracies or irrelevancies, information can lose what is now a smaller window of opportunity to provide meaning and impact.
The ability to generate a nearly instant forecast that can be applied the same day is increasingly essential to strengthening the bottom line, gaining market share, keeping inventory lean, and continually meeting and exceeding customer expectations.
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