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Invent Analytics
Invent Analytics
Invent Analytics provides Demand Forecasting, Inventory & Price Optimization Solutions For Omni-Channel Retail. Invent Analytics’ Omni-AI delivers significant financial improvement by empowering retailers to profit-optimize their ...Read more about Invent Analytics
Netstock
Netstock
Netstock is a cloud-based inventory management solution which helps businesses handle purchase orders, customers, suppliers, demand forecasting and more on a unified platform. It allows professionals to manage bills of materials (...Read more about Netstock
SKU Science
SKU Science
SKU Science is a simple, smart, and secure demand forecasting and planning solution. It's easy to use & can be deployed within 2 days. Unlike other supply chain management solutions, you don't need to pay to see the value. SKU Sc...Read more about SKU Science
Jesta Vision Suite
Jesta Vision Suite
Jesta I.S. is a leading developer and provider of integrated cloud software solutions for small-midsize emerging retailers and large legacy retailers migrating to the cloud. Jesta specializes in branded goods, fashion, apparel, fo...Read more about Jesta Vision Suite
SCP 4.0
SCP 4.0
Jada vendor management inventory and demand planning system is suitable for businesses looking to manage inventory holding costs and track service levels. SCP is offered as a best of breed application that is ideal for both midsiz...Read more about SCP 4.0
Coupa
Coupa
Point solutions are pointless: spend smarter with the leading spend management platform built for companies like you. The Coupa platform allows you to take control of your spend and position your business for resilience and growth...Read more about Coupa
Digital Supply Chain Network
Digital Supply Chain Network
One Network's Digital Supply Chain Network (previously known as Real Time Value Network) is a cloud-based supply chain management solution that helps larger organizations optimize their supply chain service. It offers a comprehens...Read more about Digital Supply Chain Network
QSTRAT Sourcing
QSTRAT Sourcing
QLM Sourcing & Supplier Management by QSTRAT is a Strategic Sourcing solution that caters to businesses in industries such as automotive, medical devices, aerospace and more. Key features include supplier eRFQ life-cycle managemen...Read more about QSTRAT Sourcing
Softeon Warehouse Management System (WMS)
Softeon Warehouse Management System (WMS)
The Softeon Warehouse Management System (WMS) provides a platform for optimizing distribution processes, with a broad set of capabilities that comprehensively handle the basics (receiving, putaway, inventory management, order pick...Read more about Softeon Warehouse Management System (WMS)
RapidResponse
RapidResponse
Delivered as a set of configurable applications, Kinaxis RapidResponse is a supply chain management solution that helps large enterprises and logistics service providers with planning and execution. Kinaxis offers organizations th...Read more about RapidResponse
E2open
E2open
E2open is the connected supply chain software platform that enables the world’s largest companies to transform the way they make, move, and sell goods and services. With the broadest cloud-native global platform purpose-built for ...Read more about E2open
Logility Platform
Logility Platform
Accelerating the digital supply chain from product concept to customer availability, Logility helps companies seize new opportunities, sense and respond to changing market dynamics and more profitably manage their complex global b...Read more about Logility Platform
SO99+
SO99+
ToolsGroup SO99+ is a supply chain planning solution for demand planning, inventory optimization and replenishment planning. Demand planning provides for automatic, self-adaptive forecast and modeling of demand and demand variabil...Read more about SO99+
RELEX
RELEX
RELEX Solutions helps retailers, wholesalers and consumer brands drive profitable growth across all sales and distribution channels by maximizing customer satisfaction and minimizing operative costs. Our market-leading, unified ...Read more about RELEX
Atlas Planning
Atlas Planning
John Galt's Atlas Planning Platform revolutionizes your ability to make smart, practical supply chain decisions with confidence. It’s a single, AI-driven SaaS solution that can span your entire supply chain but begins wherever you...Read more about Atlas Planning
Oracle Fusion Cloud SCM
Oracle Fusion Cloud SCM
Oracle Supply Chain Management (SCM) With Oracle Supply Chain Management (SCM) & Manufacturing, organizations can respond quickly to changing demand, supply, and market conditions. Seamlessly connect your supply chain to create a...Read more about Oracle Fusion Cloud SCM
Blue Ridge Platform
Blue Ridge Platform
Blue Ridge designed smarter software for demand planning, replenishment, and inventory optimization that achieves positive ROI in 90 days guaranteed. With a simple, scalable, and powerful supply chain management solution you can ...Read more about Blue Ridge Platform
StockIQ
StockIQ
StockIQ is a supply chain management (SCM) suite for distributors and manufacturers of all sizes. The solution is available in cloud-based or on-premise deployments. Key features include supply chain planning, demand planning, sup...Read more about StockIQ
Smart IP&O
Smart IP&O
Smart IP&O is a cloud-based and on-premise solution that lets businesses manage processes related to inventory planning, demand forecasting, supply chain management, and more. Hosted on the Amazon Web Services (AWS) platform, it l...Read more about Smart IP&O
Avercast
Avercast
Integration of Demand Planning and Business Intelligence - Tailored to your requirements across Demand Planning, Supply Planning and Sales & Operations Planning, Avercast integrates your business and pinpoints opportunities while ...Read more about Avercast
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Buyers Guide
Last Updated: March 16, 2023Demand planning and forecasting software is used across industries by businesses of all sizes. The market for this software is continuously growing, and demand planning technology continues to evolve. Some vendors offer a complete supply chain planning suite with features such as inventory and replenishment planning, while others offer demand planning as an add-on or standalone feature.
This buyer’s guide aims to help you understand the features and functionality of demand planning and forecasting software in order to help you during the software selection process.
Here's what we'll cover:
What Is Demand Planning and Forecasting Software?
Common Features of Demand Planning and Forecasting Software
Benefits of Demand Planning and Forecasting Software
Evaluating Demand Planning and 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. This type of system accomplishes the task by improving forecasting governance in order to eliminate errors or biases in the data and also by reducing data latency, which makes real-time demand planning possible.
In addition to procurement software and strategic sourcing software, demand planning systems are an important, cost-cutting element of supply chain management software.
Common Features of Demand Planning and Forecasting Software
Organizations can achieve two key objectives with the help of 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 along 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, season and market information. |
Demand shaping capacity | The software factors in scheduling data related to promotions, advertising, planned product launches 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, the 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 systems communicates with other elements of the SCM 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. |
Market Trends to Understand
Software as a service (SaaS). Many businesses are now opting for cloud-based systems that are hosted by the vendor and enable users to run the software entirely via web browser. Vendors that provide cloud-based demand planning and forecasting software include Fishbowl, SAP, S2K and Infor.
Digital monitoring. With the increasing globalization of the supply chain, companies face challenges such as delays, longer delivery times, degraded quality and higher costs. To tackle these challenges and maintain visibility and connectivity across the entire supply chain, many demand planning and forecasting software solutions offer a digital monitoring feature that provides real-time updates.
Artificial intelligence. The supply chain for global companies is complex and constantly evolving, which means it is susceptible to errors that can cost millions, if not billions of dollars. To combat this, some vendors are introducing features that are capable of finding and correcting both historic and live supply chain data. For example, vendor Rulex introduced an AI software solution in September 2016 that can automatically detect and correct errors in supply chain data.
Increased demand for third party integrations. Rather than having to purchase an entirely new system that covers every aspect of business operations, many buyers now seek solutions that allow them to easily import data, such as procurement, sales and operations, from their pre-existing software into the new solution without requiring extra manual effort.
Analytics. Demand planning and forecasting software vendors use different predictive models to improve the accuracy of demand forecasts. As a result, business intelligence software vendors with predictive analytics capabilities have started offering demand planning and forecasting software for supply chain application. For example, Qlik and Board BI have expanded their product offerings for the demand planning software market.
Benefits of Demand Planning and Forecasting Software
Demand planning and forecasting software can yield many benefits for organizations. These benefits include (but are not limited to):
Increased efficiency. A demand planning and forecasting solution helps increase the efficiency of a company’s supply chain and operations, improve capacity and manage inventory levels. These tools can also generate a demand plan based on historical data and predict future demand.
Improved collaboration. A demand planning system can help improve communication between a company’s supply chain and other areas of operations, including sales, marketing and finance. This can lead to the creation of action plans for different scenarios to enhance overall productivity.
Cost control. Demand forecasts reduce costs by preparing effective inventory-stocking plans. This feature prevents inventory overstocking while focusing on high-profit inventory items.
Trend analysis. In addition to controlling costs, trend analysis features can generate forecasts by capturing historical data and combining it with data related to seasonal variation and promotions. These forecasts can help prevent sales loss due to lack of inventory.
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 system.
Key considerations when selecting demand planning software include:
What data does it collect and interpret?
How often is the data collected?
Will it be used by itself, or in conjunction with supply chain planning or a comprehensive SCM system? Is it compatible with legacy systems?