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How can you use supply chain management software to forecast demand?

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Forecasting demand is a crucial aspect of vendor management, as it helps you plan your inventory, optimize your costs, and meet your customers' expectations. However, demand can be affected by various factors, such as seasonality, trends, promotions, competitors, and external events. How can you use supply chain management software to forecast demand more accurately and efficiently?

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Laith Makableh

Harvard Grad | Demand Planner at Nestlé - STARBUCKS? Coffee Programme

1 What is supply chain management software?

Supply chain management software (SCMS) is a type of software that helps you manage the flow of goods and services from the source to the customer. SCMS can integrate various functions, such as procurement, production, distribution, logistics, and customer service. SCMS can also help you collect and analyze data from different sources, such as historical sales, market research, customer feedback, and supplier information.

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Laith Makableh

Harvard Grad | Demand Planner at Nestlé - STARBUCKS? Coffee Programme
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Well, while this definition is correct theoretically, it is not accurately available or deployed this way in real life. Practically, there is no such a single software called a Supply Chain Management Software that operates alone, instead, almost in any firm, there is an Enterprise Resource Planning (ERP) system that is basically a hyper ledger system of all business transactions that encompasses material, financial, and information flows, across the entire business units. On top of that, there are other Supply Chain Management’s softwares that deals with this ERP to get the data required, such as Planning System, Procurement System, Warehouse Management System, Transportation Management System, SC Event System, and so on ..

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2 How can SCMS help you forecast demand?

One of the main benefits of SCMS is that it can help you forecast demand using different methods and models. For example, SCMS can use quantitative methods, such as time series analysis, regression analysis, or machine learning, to identify patterns and trends in your past and current data. SCMS can also use qualitative methods, such as surveys, interviews, or expert opinions, to incorporate human insights and judgments into your forecasts. SCMS can also combine both methods to create hybrid or ensemble forecasts that leverage the strengths of each approach.

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Laith Makableh

Harvard Grad | Demand Planner at Nestlé - STARBUCKS? Coffee Programme
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That’s correct, however, let me add more accurate info please. Such system is called Demand Planning system, which could be a system for Demand Planning only, or it can encompass, in most cases, Demand Planning and Supply Planning (aka Production Planning and Inventory Planning). Also, this system can be either integrated within the ERP system, or separately operating system aside from the ERP, depending on many factors and requirements. While the info about the quantitative methods are correct, I don’t believe such system is capable of qualitative methods, as such methods are a human-related methods and cannot be executed, at least completely, by a software.

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3 What are the advantages of using SCMS for demand forecasting?

Using SCMS for demand forecasting can offer several advantages, such as improving accuracy and reliability, enhancing efficiency and productivity, and increasing profitability and competitiveness. SCMS can reduce errors and biases in forecasts by using advanced algorithms and techniques that account for uncertainty, variability, and seasonality. It can also help you update your forecasts in real time based on new data and feedback. Additionally, SCMS can automate and streamline the forecasting process by saving time and resources, as well as integrate forecasts with other functions like inventory management. Furthermore, SCMS can help optimize costs and revenues by balancing supply and demand, identify opportunities and risks in the market, adjust strategies accordingly, and improve customer satisfaction and loyalty.

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Laith Makableh

Harvard Grad | Demand Planner at Nestlé - STARBUCKS? Coffee Programme
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Very comprehensive information, and I’d like to add one thing I found very useful in such a Planning System which is the ability to do a simulation analysis or what if analysis ( aka scenario planning) to be able to see the consequences of a certain scenario on the different measures of the supply chain, which is quite helpful in terms of being very proactive and suggesting possible actions a head of time

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4 What are the challenges of using SCMS for demand forecasting?

Using SCMS for demand forecasting can also pose some challenges, such as selecting the right software. You must consider factors such as the size and complexity of your supply chain, the type and frequency of your data, the level of customization and integration you require, and the support and training you need. Implementing and maintaining the software is another challenge; you must ensure that your SCMS is compatible with existing systems and processes, have the necessary infrastructure and security to run it, and update and maintain it regularly. Additionally, you need to manage the human factor by involving people in the forecasting process, making sure they understand and trust the software, monitoring its performance, and making adjustments as needed.

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Laith Makableh

Harvard Grad | Demand Planner at Nestlé - STARBUCKS? Coffee Programme
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I’d emphsise on the point of selecting the right software that not only serve the supply chain people needs but also other business units needs, such as Finance, Manufacturing, Sales, Customer Service/ Relationships Management. Although one might think they are different functions in the business, however, since the Demand Planning is actually a collaborative effort from all these functions, their needs should be considered in selecting the right software. Also, the future needs should be assessed and be considered in selecting the software, not only the current needs. From my experience, I’ve found that the best-of-breed softwares are much better than the softwares that are developed by the same ERP’s vendor softwares.

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5 How can you use SCMS for demand forecasting effectively?

To effectively use SCMS for demand forecasting, you need to define your objectives and scope, collect and clean your data, choose and apply the most appropriate methods and models, communicate and collaborate with stakeholders, and review and revise your forecasts. Clarifying what you want to achieve, gathering data from various sources, testing and validating methods and models, sharing forecasts with stakeholders, monitoring forecasts regularly, and revising them as needed are all essential steps in using SCMS to improve vendor management and supply chain performance.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you use supply chain management software to forecast demand?

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1 What is supply chain management software?

2 How can SCMS help you forecast demand?

3 What are the advantages of using SCMS for demand forecasting?

4 What are the challenges of using SCMS for demand forecasting?

5 How can you use SCMS for demand forecasting effectively?

6 Here’s what else to consider

Vendor Management

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How can you use supply chain management software to forecast demand?

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1 What is supply chain management software?

2 How can SCMS help you forecast demand?

3 What are the advantages of using SCMS for demand forecasting?

4 What are the challenges of using SCMS for demand forecasting?

5 How can you use SCMS for demand forecasting effectively?

6 Here’s what else to consider

Vendor Management

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