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What do you do if your E-Commerce inventory forecasting and demand planning is falling short?

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Navigating E-Commerce challenges can be daunting, especially when your inventory forecasting and demand planning aren't meeting expectations. Accurate forecasting is crucial for maintaining the right stock levels, avoiding overstocking or stockouts, and ensuring customer satisfaction. If you find your current methods are falling short, it's time to reassess and improve your strategies. This article will guide you through practical steps to enhance your E-Commerce inventory management and align it with actual demand.

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1 Analyze Data

Begin by thoroughly analyzing your existing data. Look for patterns in sales, seasonal trends, and customer behavior that may have been overlooked. This deep dive into your data can reveal insights that standard forecasting methods might miss. It's essential to understand the 'why' behind the numbers, as this will inform more accurate predictions. If you're consistently over or underestimating demand, consider factors such as marketing efforts, economic shifts, or changes in consumer preferences that could be influencing your sales.

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Walter Alfredo Dianderas Davalos

Senior Comercial Planner | Comercial | Planificación
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Begin by thoroughly analyzing your existing data. Look for patterns in sales, seasonal trends, and customer behavior that may have been overlooked. This deep dive into your data can reveal insights that standard forecasting methods might miss. It's essential to understand the 'why' behind the numbers, as this will inform more accurate predictions. If you're consistently over or underestimating demand, consider factors such as marketing efforts, economic shifts, or changes in consumer preferences that could be influencing your sales

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Elizabeth Huang

Demand Planner at Total Wine & More
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Cross-functional collaboration with other teams will be important to help you have a good grasp on figuring out the why behind the numbers. There are many factors that can potentially affect the data and the answer will not always lie within your own department.

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2 Update Systems

If your forecasting tools are outdated, consider updating to more sophisticated software that can handle complex algorithms and data analysis. Modern systems use artificial intelligence (AI) and machine learning (ML) to predict future sales with greater accuracy. These tools can process vast amounts of data and adjust forecasts in real-time based on current trends. Investing in better technology can significantly improve your inventory management and reduce the risk of human error.

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Elizabeth Huang

Demand Planner at Total Wine & More
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An area AI or ML in supply chain tools and ERP systems need to work on still is providing the visibility on what is and what is not accounted for in the forecast analysis. The ERP company is responsible for feeding the data to ML/AI but it’s actual users do not get clear visibility or updates on changes which can create a gap in communication for users on what human decisions for override should have, or shouldn’t have been made. In the end a tool is only as good as a person’s ability to control and use it. A tool with AI introduced should allow users to make more sound, informed decisions, and this would require increased visibility given to users on what AI knows and what AI doesn’t know.

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3 Train Staff

Ensure your team is well-trained in using any new systems and understands the importance of accurate forecasting. Continuous education on market trends and consumer behavior can also help your staff make better decisions. Encourage a culture where employees share insights and collaborate on demand planning. Their on-the-ground knowledge could be invaluable in adjusting forecasts to reflect real-world conditions.

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Elizabeth Huang

Demand Planner at Total Wine & More
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Good documentation and clear top down communication is important in ensuring your team is well-trained. You can never say a new process to a team or a cross functional team too many times with everything being new. This will require some patience and trusting the process.

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4 Collaborate Closely

Collaboration between different departments, such as sales, marketing, and supply chain, is vital. Regular meetings to discuss forecasts and share information can help align everyone's efforts. This cross-functional approach ensures that changes in marketing strategies or promotions are quickly reflected in inventory planning. By working together, your team can create a cohesive strategy that accounts for all aspects of the business.

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5 Adjust Strategy

Be prepared to adjust your strategy as needed. Flexibility is key in E-Commerce, where trends can change rapidly. If certain products are consistently over or underperforming, don't hesitate to shift your approach. This might mean diversifying your product range, altering pricing strategies, or revising marketing campaigns. Remember that demand planning is not a set-it-and-forget-it task; it requires ongoing attention and adjustment.

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6 Monitor Regularly

Finally, set up a system for regular monitoring and review of your inventory levels and sales performance. This should be a dynamic process, with adjustments made as new data comes in. Consider implementing a dashboard that provides a real-time overview of key metrics. By staying on top of the numbers, you can react swiftly to any discrepancies between forecasted and actual demand, minimizing the impact on your business.

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Elizabeth Huang

Demand Planner at Total Wine & More
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Setting KPIs and goals will move your team to meet targets and deliver results. A cadence to review these KPIs will allow your team to have a better understanding of the direction to take and make better informed decisions.

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7 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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What do you do if your E-Commerce inventory forecasting and demand planning is falling short?

1

2

3

4

5

6

7

1 Analyze Data

2 Update Systems

3 Train Staff

4 Collaborate Closely

5 Adjust Strategy

6 Monitor Regularly

7 Here’s what else to consider

E-commerce

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What do you do if your E-Commerce inventory forecasting and demand planning is falling short?

1

2

3

4

5

6

7

1 Analyze Data

2 Update Systems

3 Train Staff

4 Collaborate Closely

5 Adjust Strategy

6 Monitor Regularly

7 Here’s what else to consider

E-commerce

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