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Demand Planning & Forecasting Software
What Is Demand Planning and Forecasting Software?
Demand planning software allows organizations to minimize waste by tracking trends that will affect future demand. The software accomplishes this task by improving forecasting governance to eliminate errors or biases in the data and by reducing data latency to make real-time demand planning possible. Along with procurement software and strategic sourcing software, demand planning systems are an important, cost-cutting element of supply chain management software.
Demand Planning Features & Functionality
Two key objectives can be reached through demand planning tools: an improvement in demand forecast accuracy and greater control over demand shaping.
| Historical analysis | Cross-functional or multi-dimensional forecasting processes analyze the historical demand for an individual product with broader macro- and micro-economic trends to deliver an accurate forecast to supply chain executives. |
| Data separation | The software gathers a wide range of data to improve past and future demand analysis. Filtering and separation occurs by product, customer, seasonal, and market information. |
| Demand shaping capacity | The software factors in scheduling data related to promotions, advertising, planned introductions of new products, and upcoming competitor activity, accumulating and displaying detailed plans for future marketing campaigns as well as the projected effects on awareness, demand, and revenue that will accompany them. |
| “What-if” analysis | With all the information in the system, demand planning software can perform a series of scenarios and simulations based on “what-if” factors. Based on the results of these what-if simulations, potential deviations from planned demand can be communicated to the necessary areas of the supply chain in order to adjust shipments or production. |
| Supply chain communication | Demand planning software communicates with other elements of the SCM software system to renegotiate replenishment scheduling through capacity planning. This prevents unnecessary oversupply and cost inefficiencies by reducing inventory carrying costs and excess inventory write-offs. |
Evaluating Demand Planning and Forecasting Software
Evaluating demand planning and forecasting software requires an assessment of the functionality and its value to the planning process. It also requires an understanding of the efficiency, accuracy, and relevance of the data that is provided, since that data is key to the effectiveness of the software.
Key considerations when selecting demand planning software include:
- What data does the software collect and interpret?
- How often is the data collected?
- Will the software be used by itself, or in conjunction with supply chain planning or a comprehensive SCM system? Is it compatible with legacy systems?
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Manhattan Associates
Offering robust planning and forecasting, in addition to extensive supply chain optimization, Manhattan Associates gives organizations a cutting-edge, flexible solution to meet their needs.
JDA Software
JDA Software is the choice of over six thousand users across numerous industries--ranging from apparel to industrial machinery. JDA Software supplies best-of-breed solutions for forecasting, sourcing, purchasing, SPM, and more.
CartonLogic
Wolin Design Group offers demand forecasting functionality within standalone warehouse management, transportation management, and inventory management modules. Solutions are Mac compatible and accessible via any web-browser.
Epicor Supply Chain Management
Because Epicor provides users with a fully-integrated ERP suite, the demand forecasting features can cull the entire database to provide accurate, powerful models and plans via both visual and numeric outputs.
WISE
In addition to a warehouse management application, Royal 4 offers enterprise-level planning software that uses financial information from across your entire corporation. Royal 4 offers both on-premise and hosted software options.
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Fishbowl Inventory - SCM
Fishbowl Inventory integrates QuickBooks in an slick, easy to navigate user interface that can help predict future inventory levels. Reports are easy to use, customizable, and easy to access through the “favorites” feature.
S2K for Warehouse Management
The ability to model and simulate the demand for a single item, group of items, or even a entire class of products makes S2K a great solution for forecasting future demand. Reports can also export to Excel for further analysis.
Sage 500 ERP (formerly Sage ERP MAS 500)
Sage ERP MAS 500 includes business intelligence, inventory management and financials management to assist forecasting initiatives. The enterprise suite also offers contract management and purchasing functionality.
Aravo Solutions
One of the leaders in the relationship management software market. This software-as-service solution includes modules for inventory and performance management, risk and compliance measurement, and supplier information management.
Da Vinci Supply Chain Business Suite
Wolin Design Group’s Da Vinci supply chain suite includes forecasting functionality within its third-party logistics application. Can be deployed either on-premise or hosted by WDG. Includes EDI integration and yard management.
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