Tag: Demand forecasting

Commercial Analytics

Dynamic Demand Forecasting in Pharma: Analyzing its role in accelerating product success

The inherent uncertainty in today’s pharma marketplace plays a pivotal role in complicating the planning and coordination of essential business processes. In such a scenario, understanding the basic market drivers and their influence in shaping product demand and product launch success is integral to developing a good business and resource utilization plan.

Dynamic Demand Forecasting

Forecasting future opportunities is crucial to driving profitability. Imagine the potential for your business if you could figure out what would happen tomorrow, sounds interesting? Quantzig’s dynamic demand forecasting solutions enable pharma companies to do just that by optimizing business processes by leveraging insights obtained from accurate demand predictions.

Our dynamic demand forecasting solutions are designed to deliver significant financial results for our clients, often starting within 5 weeks, enabling them to receive higher returns on their initial investments.

With most of today’s pharma challenges arising from the increasing supply chain complexities and volatility of market dynamics, businesses have realized that predicting the future is not getting any easier. It is for this reason that leading pharma companies are now turning toward dynamic demand forecasting methodologies that can help enhance supply chain agility and product availability while cutting down inventory holding costs. In this article, our demand forecasting experts shed light on the challenges facing pharma & reveal how leading pharma companies are capitalizing on recent developments using dynamic demand forecasting to drive operational excellence.

Dynamic demand forecasting in pharma is an uphill task

Demand in the pharma industry is driven by a combination of push and pull driven demand, changing regulatory requirements, and competitive pricing pressures. Unlike the other industries, point-of-sale data is not easily accessible in pharma resulting in issues around demand visibility and data management. However, businesses that have leveraged dynamic demand forecasting approaches have been able to achieve their set goals based on future predictions and market trends.

Demand prediction and rapid response can increase market share

Our recent engagement is a classic example of how the effective utilization of channel data can help pharma companies increase market share following demand surge. Within days of witnessing a demand surge for a new drug, the client approached us to conduct a detailed analysis of the channel data. Our analysis revealed that the demand was higher for a smaller dosage of the newly launched drug, which was contradicting the assumptions made by the client. If left undetected, this would have resulted in inventory stockouts and a subsequent increase in inventory holding costs.  Since there was a very short timeline to adjust the final fill-and-finish inventories, the client leveraged demand forecasting based rules to readjust their inventory plans and ensure its aligned to the actual demand resulting in maximized product sales and market share.

Our demand forecasting solutions can be customized to meet the unique needs of your organization, contact our analytics experts to get started.

Leveraging dynamic demand forecasting insights can help drive pharma success

It’s no surprise that pharma leaders are leveraging demand forecasting techniques to gain real-time insights into factors impact demand. Insights such as these can help drive rapid responses to demand surges and enable businesses to make necessary adjustments to the production plan, which is one reason why market leaders are achieving improved product availability at lower inventory holding costs using dynamic demand forecasting models.

Why Choose Quantzig as Your Dynamic Demand Forecasting Services Provider?

Quantzig’s demand forecasting solutions can help you gauge the demand surge due to seasonal trends in drugs and equipment sales and incorporate the changes on a weekly basis to provide near-real-time forecasts. Leveraging dynamic demand forecasting can also help pharma companies to react quickly based on the market requirements and redirect manufacturing and warehousing based on the latest market situation providing you with a business advantage over your peers. What sets us apart amid the intense competition is that our dynamic demand forecasting solution framework is designed to run on ensemble techniques that leverage multiple machine learning and NLP to identify the trends and provide you with the latest updates in a very short span of time.

Schedule a Free one-on-one demo to gain comprehensive insights into our platform capabilities.

customer insights and analytics

How Demand Forecasting Helps Businesses Adapt to Capricious Customers

In today’s complex business world, high-performing, resilient supply chains are crucial for success. However, businesses from various sectors face unique challenges that curtail their ability to meet the dynamic market needs and customer service expectations despite having a robust demand forecasting process in place. Reasons for inabilities can be traced down to an under-performing supply chain that lacks a basic scalable demand forecasting infrastructure. Moreover, such inefficiencies can also lead to shortfalls in forecasting accuracy, supply and demand planning, and production overhauls.

What is demand forecasting and why is it important?

Demand forecasting is a systematic method that involves predicting the demand for specific categories of products and services under a set of irrepressible, competitive forces. It helps businesses to gauge the popularity of products over a fixed period based on market and customer needs. Insights such as these enable businesses to ensure they maintain the right stock-levels required to fulfill consumer needs.

Demand forecasting plays a key role in business decision making across industries, such as planning the production, inventory optimization, purchasing raw materials, managing funds, and product pricing. Here are a few reasons why its important from a business perspective:

  • Helps improve customer satisfaction
  • Reduces inventory stock-outs
  • Lowers safety stock requirements

We offer a unique combination of supply chain planning and forecasting solutions to help our clients accelerate growth and improve productivity. Request a FREE proposal for personalized insights.

Adopting an analytics-based systematic approach to supply chain planning can help businesses boost supply chain performance, resulting in several other benefits. From reducing inventory costs to improving customer satisfaction rates, demand forecasting turns out to be an instrumental tool and a key aspect of supply chain management. It also helps organizations to improve order management, ensure OTIF deliveries, avoid unnecessary inventory expenses, and plan for future price fluctuations. By developing and implementing scalable demand forecasting models, organizations are more likely to achieve the desired outcome which eventually leads to better productivity and margins.

Demand forecasting challenges faced by businesses

As we move towards granular demand forecasts, its crucial to analyze several other external factors that influence market needs and customer purchase decisions. Though factors such as these may reflect in the seasonal trends, industry standards, and market dynamics that make up a time series, its crucial to incorporate them directly into the demand forecasting models. The challenges include:

  • Data discrepancies
  • Resource heavy analytics methodologies
  • Inefficient processes and demand plans

To learn more about the strategies to improve demand forecasting accuracy, contact our supply chain analytics experts.

How demand forecasting can contribute to the success of your business

Today most leading businesses use ERP software to generate forecasts for their products and services. However, such systems are generally not flexible and cannot be modified to address the unique needs of businesses. And for this reason, it is now imperative for companies to deploy demand forecasting models that are tailored to the unique traits of each product category and geography. Better forecasts, in turn, will contribute to improvements in organizational and business performance, resulting in these benefits:

Enhanced customer service levels

Granular insights into factors impacting consumer demand and subsequent retailer ordering behaviors can help businesses in the effective deployment of inventory, ensuring higher fill rates, better on-time availability, and fewer stock-outs.

Fewer missed sales opportunities

Understanding the source of high demand will help you ensure that the right inventory is in the right place at the right time.

Better working capital management

Operating with the right amount of inventory can help companies better manage working capital, and this is bound to happen only when they are more confident about the generated demand forecasts.

Efficient production and manufacturing

A better understanding of demand will not just help optimize production schedules but will empower businesses to overcome challenges in manufacturing.

Enhanced resource utilization

Maintaining stocks that are just enough to meet the demand implies the products will be sold even before they reach their expiration date, in turn, minimizing wastage and spoilage of perishable stocks.

Reduced effort

Automating the demand forecasting processes enables companies to allocate more time to focus on selling, and it also helps save time and effort required to oversee the forecasting process.

Request a free demo to learn more about the potential of AI for demand forecasting and supply chain planning.

visibility in supply chain

COVID-19 Impact on Ecommerce Retail: Increasing Average Order Value (AOV) by 53% Using a Holistic Demand Forecasting Framework

Ecommerce Retail: Engagement Summary

In the wake of the coronavirus outbreak, an ecommerce retail industry client based out of Germany needed to rapidly redefine its demand planning and demand forecasting framework. We built a data repository and a robust demand forecasting framework for examining data and forecasting demand for different product categories. We also deployed a reporting process for capturing demand data and providing updates on future demand patterns. As a result, the e-commerce company was able to provide an effective response to the health crisis and cater to the dynamic demands of its customers.

ecommerce retail

Take advantage of our cutting-edge analytics solutions and turn data into actionable insights that help improve demand analysis and forecasting accuracy.

About the Client

The client is a leading German ecommerce retail company specialized in the online sale of home improvement items, personal care products, accessories, sports goods, and daily essentials. Founded in 2003, the ecommerce retail company has expanded its operations to five new countries with spin-offs and subsidiary business units spread across Europe.

Business Challenge

Driven by the rise in internet penetration, smartphone usage, shift to digital wallets & online payments, and language diversity on ecommerce platforms, the ecommerce retail industry in Germany has grown substantially and is poised to witness an accelerating growth margin in 2020. Fuelled by the ongoing COVID-19 crisis the ecommerce retail industry is also expected to witness an all-time high demand rate globally. While the rising demand brings in new opportunities for ecommerce companies to improve margins, it also sheds light on a few inherent challenges that the ecommerce industry is trying to address for quite some time. Some of the issues that confront the sector include high-cost pressures, high returns, inadequate workflows, and incompetent demand forecasting frameworks.

Tackling these challenges and generating accurate sales and demand forecasts was crucial for an ecommerce retail industry client based out of Germany. The pandemic outbreak had resulted in a huge surge in demand for certain product categories due to which the client faced several challenges in fulfillment and demand management. This is when the ecommerce company approached us looking to leverage our demand forecasting capabilities to devise a robust demand forecasting framework that could help them accurately forecast sales and demand for different product categories.

Modern demand forecasting modules and advanced analytics can help you generate accurate forecasts. Wonder how? Get in touch with our experts for detailed insights.

Solution Offered

A detailed analysis of the client’s challenges revealed that the existing state-of-the-art techniques deployed by the client were typical univariate methods that generated demand forecasts considering only the historical sales data of different product categories.

However, in the current scenario, the client had access to large quantities of related time-series datasets, and analyzing demand based on current and historic information proved to be useful in generating accurate forecasts in the current setting. The sales and demand forecasting experts at Quantzig adopted a comprehensive three-phased approached that focused on conditioning the forecast of individual time series on past behavior of similar, related time series data sets.

Phase 1: Data Standardization and Incorporation

The initial phase of this demand forecasting engagement revolved around standardizing current and historical product demand datasets in order to incorporate them into a unified data model. This was achieved through the collection and integration of demand and sales data obtained from various internal and external sources as well as the online e-commerce platforms.

Phase 2: Product-Level Demand Forecasting Framework

The second phase of this engagement focused solely on the interpretation of data sets obtained from various sources. To do so, we had to first devise and implement a product-level operational framework that could help solve the challenges faced by the client.

Phase 3: Unified Data Model Implementation

The final phase revolved around incorporating the cross-series data sets into a unified data model that was designed to correlate demand and sales patterns. This was achieved by training a Long Short-Term Memory network (LSTM) that exploits the non-linear demand relationships between various e-commerce product assortment hierarchies.

Insights obtained through demand analysis and forecasting enable businesses to optimize service efficiency, streamline operations, and enhance supply chain transparency. Request a FREE demo for comprehensive platform insights.

Value Delivered

The proposed demand forecasting framework provided granular demand and sales insights that enabled the client to plan their inventories and manage the demand surge without affecting customer relationships. The demand forecasting framework was designed to leverage 40+ statistical techniques for enabling an automated forecast of product orders with machine learning based selection of appropriate techniques based on the changes in data patterns. This enabled the ecommerce retail industry client to better plan their inventories to cater to the demand surge in times of such outlier events like the COVID-19 pandemic.

The demand forecasting solutions also empowered the e-commerce retailer to:

  • Forecast and communicate expected orders for relevant products including essentials, disposables, and personal hygiene products in advance
  • Accurately forecast the demand for each SKU based on the regions and zip codes
  • Deploy holistic demand forecasting modules to analyze and model scenarios and set sales goals by infusing market data and e-commerce trends
  • The devised demand forecasting framework helped the ecommerce retail industry client to increase average order value (AOV) by 52%

Request for more information to gain detailed insights into our solutions portfolio.

In the competitive ecommerce retail industry, if you want to improve sales, it’s crucial to forecast the demand for products even before you chalk out a plan for improving sales outcomes. Since the accuracy of the demand planning strategy defines survival, every player in the ecommerce retail industry needs a strategic plan that can help them enhance their operations.

At Quantzig, we have been supporting many clients across a range of industries in their COVID-19 response and planning efforts. Based on our experience and interactions with clients from the e-commerce retail sector, we’ve witnessed that businesses are focusing on performing better in the consumer-driven markets due to the sudden surge in demand for essentials and other indispensable products. Hence, predicting demand before they arise can give them both an edge over their contenders and access to crucial resources for tapping into new opportunities. Quantzig’s comprehensive three-pronged approach to demand forecasting framework development can help the ecommerce retail industry tackle outlier events and its repercussions like the demand surge that is currently being witnessed in the German ecommerce retail industry.

demand and capacity planning

Demand and capacity planning helped a leading retail company to improve accuracy in demand forecasting by 15%

A U.K based leading retail player wanted to reduce the percentage error in their demand forecasting approach. Due to the inconsistent nature of their existing demand and capacity planning processes, they were not able to manage their inventory stocks and ensure the easy availability of high-demand products.

Demand and capacity planning is an important method that helps companies to monitor and improve their inventory management. The growing popularity of demand and capacity planning can be attributed to its ability to simplify the logistics value chain by integrating smarter demand forecasting and predictive analytics into the process of capacity planning. With obsolete demand forecasting processes, businesses had to rely solely on historic patterns of demand to plan for production needs. But analytics-based capacity planning strategies help businesses to gain better visibility into factors affecting their supply chain and also provides actionable insights relevant to actual scenarios.

Our demand planning solutions help companies to ensure fluidity and efficiency across all touchpoints in the value chain. Request a FREE proposal to gain detailed insights into our portfolio of supply chain analytics solutions.

Business Challenge

By leveraging Quantzig’s demand and capacity planning solutions, the client wanted to reduce their average percentage error in demand forecasting and improve productivity. Also, they wanted to understand and analyze the demand patterns across various regions. With the help of demand and capacity planning solutions, the client was looking to coordinate their capacity planning efforts in different countries, including rationalizing SKU’s, and consolidating suppliers to enhance their inventory management system.

Through our customized demand and capacity planning solutions, we help leading businesses to improve their forecast accuracy and maximize return on planning efforts. Get in touch with them right away!

Solution Offered and Value Delivered

The demand and capacity planning experts at Quantzig developed a robust demand and capacity planning framework to understand the core business challenges of the client. The framework included recommendations for capacity management and safety stock optimization. With the help of our demand and capacity planning solutions, the client was successfully able to improve the accuracy in demand forecasting by 15%, while simultaneously improving inventory management. Our multi-step, holistic demand planning approach helped the client to optimize their supply chain operations. Furthermore, the solutions that we offered enabled the client to insert what-if scenarios into their existing supply chain networks to automatically and accurately align operating capacity to demand and ensure optimal throughput, cost containment, and improve capacity management.

Request a FREE demo below to know how our end-to-end demand planning solutions can help you address the complexities of today’s competitive marketplace.

Quantzig’s demand and capacity planning solutions also enabled the client to:

  • Improve demand forecasting accuracy by 15%
  • Overcome out-of-stock scenarios
  • Improve production capacity and inventory management capabilities

Benefits of Demand and Capacity Planning

demand and capacity planning CS

Want to gain detailed insights into factors affecting demand and capacity planning? Read our latest article here:

Top 3 Factors Influencing Demand and Capacity Planning of Businesses

demand forecasting

Top 3 Demand Forecasting Challenges Facing the Retail Industry in 2019

In today’s data-centric world retail environment has grown even more complex. With the influx of consumer data, businesses like retail need to have a better mechanism for demand forecasting in order to improve their customer service and stay ahead of the competitors. A good demand forecasting model enables businesses to smartly use their historical data on consumers and help them to plan strategies for future trends. Also, demand forecasting techniques help companies to anticipate when the demand will be high and establish a long-term model that can help in business growth. Retailers with the help of demand forecasting model can eliminate their dependency on instinct and intuition for decision-making. However, demand forecasting seems to be easy but in practice, retail businesses face critical challenges in building a demand forecasting model that can help them to deal with the ballooning complexities in the retail environment. In this article, our retail industry experts have listed out a few challenges that players in the retail industry are poised to witness in 2019.

Want to know how demand forecasting challenges can affect your business in 2019? Request for more information below.

demand forecasting

Demand Forecasting Challenges

Challenge #1: Using an integrated system to track customers and business

Over a period of time, most retail companies have built out their operations and have deployed systems as they need them. This often means retailers have one system for their enterprise resource planning and another for customer resource management. Though such systems have solved the incremental needs of retail companies, the ongoing digital transformations along with the need to maintain interoperability have proved to be a barrier in two ways for retailers. First, it is resulting in duplication of information in both systems that create a siloed approach and impacts efficiency. Second, with such a system it is difficult to gain actionable insights into unstructured data sets. Lack of unintegrated system makes it difficult for retailers to improve their business operations.

Are you finding it difficult to analyze, monitor, manage, and benchmark your demand and capacity planning strategies? Our demand forecasting solutions can help. Get in touch with our experts right away.

Challenge #2: Applying the correct methodology for strategic decision-making

Retailers are making strategic decisions by setting goals for the company at large rather than for specific regions. Without a focused approach, retailers fail to gain visibility into where growth is expected. Also, such an approach does not help them to identify the regions that outperform in the competitive market and which ones underperformed against easy regional targets.  Therefore, having a proper demand management process in place is important for retail businesses to get away with instinct based decision-making.

Challenge #3: Leveraging unstructured datasets to forecast the next step

Today players in the retail industry are struggling to leverage external data or customer profiles effectively. Customer profiles offer detailed insights into what customers want enabling companies to understand demand better. Also, by using external data businesses can improve their accuracy of forecasts by accounting for external forces that were overlooked previously. Building demand forecasting models can make it possible for retail companies to distinctly segment customers and analyze the demands and preferences of target customer segments.

Our demand forecasting solutions can help you create automatic recommendations for the line-of-business to allocate, schedule, plan, and automate processes. Request a FREE proposal now to know more about our portfolio of supply chain services.

How can Quantzig help you take your demand forecasting to the next level?

Quantzig offers demand forecasting solutions that help businesses to create accurate demand capacity and plans. Our demand forecasting solutions and help companies to boost their forecast accuracy, improve service levels, manage portfolios, and maximize return on demand planning efforts. Quantzig, with its expertise in offering demand planning and forecasting solutions, empowers businesses to discover hidden performance drivers, increase profitability, improve collaboration, validate their business strategies, gain a 360-degree view of demand, and optimize ROI on operational spend.

Request a FREE demo below to find out how our customized analytics solutions can help you address the complexities of today’s consumer-driven marketplace.

demand and capacity planning

Demand Forecasting and Production Planning for a Leading Beverage Manufacturer – A Quantzig Success Story

A well-known beverage manufacturer based out of the United States faced several predicaments due to the use of inaccurate demand forecasting models. The implications of their inaccurate demand forecasting methods resulted in a sharp dip in the revenue generated from the alcoholic beverages segment. This is when they approached Quantzig to leverage its demand forecasting and production planning expertise to improve its existing sales forecasting process and forecast accuracy.

The Business Challenge

Aligning the long-term strategic goals of your organization with performance measures and market demands has never been easy. Trying to aggregate real-time demand and inventory stocks across the entire supply network requires not only a strong analytic platform but also prompt and reliable data that can help organizations to gauge the market demand. Being able to precisely predict or forecast demand across industries, often requires a significant amount of effort and analysis across disparate data sources and forecasting models.

Learn how our demand forecasting models can impact your approach to inventory and production planning. Get in touch with our experts to know more.

Many organizations have aggressive performance goals related to delivery time reliability, demand management, inventory optimization, order fulfillment rate, order cycle time, and inventory turnover but are unable to accurately forecast demand and the factors affecting them. The ability to effectively forecast fluctuations in demand is crucial to the success of an organization. The use of appropriate demand and supply forecasting methods is especially crucial in the food and beverage sector as accurate forecasts lead to faster cash turnover cycles, lower inventory cycles, and quicker response rates. The client a leading alcoholic beverage manufacturer was looking at using demand forecasting models to optimize their production planning process and enhance the demand forecasting accuracy.

Solutions Offered and Value Delivered

Quantzig identified that the inefficiency in the client’s demand forecasting approach was resulting in inventory pile-ups and frequent stock outs for some SKU’s leading to a huge loss in revenue. To help the client address such challenges the experts at Quantzig developed a demand forecasting model to help them better plan their production process. Though the demand forecasting model initially focused on top-selling SKUs’, it was later expanded for another set of SKUs’ for which the client faced similar issues related to demand forecasting.

Detailed analysis and visualization of demand can help your organization achieve higher targets. Learn more about our solutions and stay well-equipped to resolve your inventory issues.

The demand forecasting solutions also enabled the client to:

  • Improve prove demand forecasting accuracy across different region-SKU combinations
  • Visualize the demand, forecasts, and accuracy metrics for different SKU’ through interactive dashboards
  • Reduce the forecast generation process time by 75%

 

Demand forecasting

 

What is the importance of demand forecasting?

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supply chain analytics

Weekly Round-Up: A Storyboard on The Importance of Supply Chain Analytics Solutions

LONDON: Quantzig, a leading analytics services provider, has announced the release of their latest storyboard on the importance of supply chain analytics and how it can help businesses in improving supply chain visibility and merchandising capabilities. In today’s competitive business scenario, companies find it difficult to monitor operations in real time and eliminate data silos. This is where supply chain analytics can come to the rescue.

By leveraging supply chain analytics solutions, companies can calibrate their entire supply chain network efficiently. Supply chain analytics can help companies in supply chain management and improve operational efficiency to facilitate quick time-to-market. Additionally, it can enhance the end-to-end performance of the supply chain and boost demand forecasting and logistics operations.

To stay ahead of the curve and create lean operations, supply chain leaders must leverage supply chain analytics solutions to yield the visibility they need into their entire operation.

Quantzig’s analytics solutions have helped many leading companies to make smart and data-driven decisions and boost growth. Below, we have summarized some of Quantzig’s recent success stories for this week and have also highlighted ways in which supply chain analytics can help companies to analyze market demand, the impact of indirect supply chain cost and boost ROI.

Analytics-driven control metrics enable companies to gauge critical events in the supply chain in real-time. Want to know how? Request a FREE proposal now.

#1. Supply chain analytics reduced distribution cost by about $8M: Identifying supply chain risks and opportunities by combining real-time datasets is a daunting task for businesses. But supply chain analytics solutions can make this task easier by precisely monitoring the performance data of suppliers through analytics dashboards. Also, supply chain analytics solutions can offer detailed insights into inventory and market demand. Furthermore, this can facilitate supply chain optimization and enhance supply chain flexibility.

Leading Sports Brand Leverages Supply Chain Analytics, Identifies Potential Savings Worth Around $8m

#2. What are the benefits of supply chain analytics?  Supply chain analytics can help organizations to achieve operational excellence in multiple activities ranging from procurement of raw material to order fulfilment. Also, by leveraging analytics solutions in supply chain companies can enhance their category management practices and consolidate the supplier base to minimize operational costs and improve contract compliance.

Unveiling the True Potential of Supply Chain Analytics

#3. Supply chain analytics minimized inefficiencies in supply chain management: Are obsolete inventory management systems leading to poor business outcomes? No more, as supply chain analytics is here to help you out. Supply chain analytics has the potential to help companies solve several complicated decisions by leveraging millions of decision variables, trade-offs, and restrictions. It can help in identifying the key opportunities to bring about improvements in profit margins. Furthermore, this can assist in optimizing supply chain operations by combining descriptive and prescriptive data sets.

Supply Chain Analytics Solutions for Food and Beverage Companies – A Quantzig Case Study

Customized analytics dashboards can offer a 360-degree view of the supply chain operations. Request a FREE demo below to know more.

#4. Supply chain analytics eased the interpretation of market trends and enhanced operational efficiency: Catering to the growing demands while focusing on affordability is one of the major concerns for companies across industries. One of Quantzig’s clients faced a similar issue and approached Quantzig to leverage its expertise in offering supply chain analytics to bring about significant improvements in markdown percentages. Quantzig’s supply chain analytics solutions offered unparalleled visibility into the supply chain risks and demand uncertainty by interpreting the market trends in real-time.

Supply Chain Analytics for a Power and Energy Market Client – A Quantzig Case Study

#5. What’s new in supply chain analytics in 2019? Technological progress is becoming very important for companies in every sector. Supply chain management is also witnessing new trends and technologies every day. This makes it important for companies to understand the latest and existing trends to assess the benefits of evolving technologies and prioritize organizational goals. The advent of technologies like IoT and data unification in supply chain analytics has resulted in an accurate forecast of possible complications and better supply chain visibility.

What’s New in Supply Chain Analytics This Year?

#6. Supply chain analytics transformed the existing supply chain strategies and increased savings: Developing efficient supply chain strategies can be a cause of concern for businesses but you need not fear if you have a proper supply chain analytics solutions in place. A leading skincare products manufacturer was facing the same issue but experienced a great change in operations and savings by leveraging Quantzig’s supply chain analytics solutions. These solutions helped them to anticipate customer demand and accordingly regulate their inventory levels. Additionally, it assisted them in identifying top suppliers and in fine-tuning their existing strategies that resulted in increased savings.

Supply Chain Analytics for A Leading Skin Care Products Manufacturer Helps Fine-tune Existing Supply Chain Strategies and Improve Efficiencies

Are you finding it difficult to analyze supply chain data in real-time? Get in touch with our experts.

#7. What is the importance of supply chain analytics in today’s business environment?  With the increasing pricing pressures and aggravating customer demands, companies across industries are facing predicaments in enhancing supply chain efficiency and operational speed. Companies need to evolve their supply chain execution systems and tweak their marketing techniques to accommodate the growing customer demands and dynamic market conditions. Supply chain analytics holds the solutions to all of these issues. It allows companies to analyze their supply chain data and identify the efficiency gaps. This, in turn, accelerates sales, speeds-up material movement, and improves supply chain standards.

Supply Chain Analytics: A Game-changer in Boosting Your Supply Chain Efficiency

#8. Supply chain analytics improved demand forecasting capabilities significantly: Do you really think devising an effective demand forecasting model to improve end-to-end supply chain visibility is a myth? If yes, then you must go take a look at Quantzig’s latest success story where one of its clients faced a similar predicament but realized a major improvement in their capabilities to forecast demand through the use of a suitable demand forecasting model. Furthermore, supply chain analytics solutions proved to be extremely helpful in providing end-to-end visibility on supply journey of each product.

Supply Chain Analytics: A Game-changer in Boosting Your Supply Chain Efficiency

#9. What are the key supply chain challenges? The growing complexity of business environment has forced companies to re-shape their business models. Due to such complexities, companies are facing multiple supply chain challenges increasingly complex patterns of consumer expectations and customer demand. Therefore, supply chain analytics has become the need of the hour for companies if they really want to stay ahead in the competition. It can aid companies to identify specific processes and analyze the potential areas of waste or inefficiency.

How Supply Chain Analytics Can Help Solve the Biggest Supply Chain Challenges

#10. Supply chain analytics solutions minimized inventory levels and checked vendor risks: Measuring the supply chain and vendor performance to increase profitability has become one of the major roadblocks for many companies. Are you facing the same problem? Supply chain analytics may hold the key to success. By leveraging analytics solutions in supply chain, companies can optimize their existing route and logistics operations to minimize inventory levels. Additionally, these solutions can help in measuring key vendors’ performance that can further help in mitigating future risks.

Supply Chain Analytics Helps a Leading Processed Foods Retailer Minimize Inventory Levels and Monitor Vendor Risks

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How to Improve Your Profitability and Supply Chain Network with Demand Analysis?

Today’s business environment is highly competitive due to which leading business players find it challenging to sustain profitability and constant growth. With the advancements in technology, life cycles of products and services have shortened, customer demands have aggravated, new competitors have emerged, and new business models have brought in major transformations. This has created constant instability in the market due to which it has become crucial for businesses to analyze the market demand. Wonder how demand analysis can help you tackle these challenges?

For a proper demand analysis, it is important for companies to understand their customers, the buying behaviors and most importantly the capabilities of the company to serve the demand. This understanding can further help in identifying customer needs and market opportunities. Additionally, demand analysis has the potential to help companies in uncovering brand value, supply chain capacity and deal with existing business regulations.

We, at Quantzig, understand the difference that demand analysis and demand management can create for any business. And to help businesses to stay ahead of the competitive curve, our team of experts has come up with a detailed guide on-demand analysis. Also, they have examined the objectives of demand analysis and how it can play a key role in improving the efficiency across the supply chain, business decisions, product pricing, product development, and planning.

To gain a competitive edge in today’s competitive marketplace, it is highly essential to adopt a data-driven approach and analyze market trends through demand forecasting and customer analysis. Wondering where to start? Get in touch with us right now.

What is Demand Analysis?

For any organization, demand is a crucial aspect that defines business success. Demand analysis is the process that helps companies to make better decisions regarding cost allocation, product development, product planning, and production capacity. Thus, the process of demand analysis is important for companies to understand the demand for their products or services in the market and maintain the inventory accordingly. Also, there is a possibility that sometimes production may exceed the demand and demand analysis helps to uncover such instances. Consequently, companies can adopt other ways to create new demand in the market. 

What are the Objectives of Demand Analysis?

#1. Forecast market necessity

If you want to know about the kind of product or services needed in the market you are targeting, demand analysis is the approach to follow. With demand and supply analysis, companies can easily identify the products or services performing well in the market and driving maximum value beforehand. However, companies also need to analyze customer behavior and preferences before launching any new product or service.

#2. Sales forecast

Sales estimation forms an integral part of product development and planning. But to forecast sales, demand analysis and demand planning is the approach that helps. Companies can ensure their success if demand analysis of a product or service is done prior to its launch. Also, this can make it easier for companies to decide on the type and quantity of services or products to be launched.

A data-driven approach to demand management can help organizations in inventory optimizations and consolidate supplier base to reduce the cost of operations. Request a FREE proposal to know more!

#3. Determining price

Price is one of the main factors that affect demand. So, demand analysis is crucial for determining the price of a product or service. Different customers have different requirements. Some prefer luxurious products while others prefer only the products which are necessary. Therefore, it is important for any company to leverage demand and supply analysis prior to determining the price of a product or a service.

#4. Maximize profit

Companies before defining the profit margins for their products or services, need to analyze demand. This helps in ranking them in the order of priority and prevents the interference of government regulations. The categorization of goods and services can be efficiently by following the approach of demand analysis.

#5. Firm size determination

Demand forecasting and analysis help companies to select the right size of a firm for their business. Large size firms have different requirements than small size firms. The former is suitable if there are chances of the demand for a particular product to increase in the future while the small size firms are suitable if you are targeting a niche market. The size of the firm is directly proportional to the demands of the consumers. Therefore, demand analysis is extremely crucial for businesses to make decisions in such cases. 

#6. Deciding the success and failure of businesses

Demand analysis is the direct method to analyze the success and failure of any business. Companies to succeed in the competitive marketplace, need to analyze their customers and forecast the customer demand in advance. If any business delivers exactly what is needed by the customers, it is highly likely that it will succeed while the companies that fail to do a proper demand analysis tend to taste the failure.

#7. Financial arrangements

Financial arrangement is important to run any business. So, demand analysis helps in deciding the financial arrangements according to the market demands and customer requirements.  Also, this helps in ensuring the liquidity within the organization and facilitates a proper demand management process.

#8. Strategic planning of supply chain

To minimize costs associated with supply chain processes, it is essential that the business strategy synchronizes with a tactical supply chain plan. This can be done by following a proper demand analysis process. Consequently, the company’s profit can be increased, and the value of the shareholder will be enhanced.

Want to know more how demand analysis can make a difference to your business? Request a free DEMO now!

Benefits of Demand Analysis

  • Sales forecasting
  • Demand manipulation
  • Demand planning
  • Product improvement
  • Improve pricing policy
  • Enhance market share

How can our analytics solutions help?

Global growth of organizations has resulted in complex business operations and reduced supply chain visibility. Consequently, organizations, in order to, overcome stressful global business environment and stay ahead of the curve, need to improve the efficiency of their operations across the supply chain. Our analytics solutions help organizations to deal with these challenges and offer them actionable insights into market trends through proper demand analysis, demand forecasting and demand planning model on real-time dashboards. Also, we offer our clients with the right frameworks to identify key performing metrics in the market which facilitates quicker decision making and better customer service.

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