Get accurate demand forecasts with highly granular near-term market insights with our AI-led Demand Sensing. Leverage advanced AI & ML with the best demand planning software to process large volumes from various sources, both internal and external, to allow for data-driven inventory decisions for every node in the supply chain. Unlike traditional demand forecasting which leverages only historical data to predict future demand, demand sensing enables you to respond to changing customer demand, market changes and optimize your supply chain pipeline and production in real-time. We help you include the impact of factors that impact demand like price, promotions, seasonality, events & holidays etc with the assistance of our demand forecasting software.
We have a bottom up approach to demand sensing where the forecasts are made based on the data collected at most granular SKU/store/channel levels. Demand is predicted at such granularity and is then aggregated up for overall demand forecasts. In this approach, demand is predicted as close to the customer as possible and then rolled up to the top for more accurate demand prediction numbers. A bottom-up approach is a more pragmatic approach with lesser chances of human bias or error.
With automated demand forecasting solutions like Kronoscope, you can predict demand accurately by layering your historical sales data with various other factors that impact demand accuracy. The factors such as seasonality, pricing, promotions, weather, events, etc. have a significant impact on the daily demand trends. This helps you respond rapidly to any changes in your supply chain.
Demand Sensing also introduces automation in data collection and analysis through a demand forecasting tool that leaves very little room for manual error and biases and thus resulting in higher prediction accuracy. An accurate demand forecast helps in projecting optimum inventory levels and safety stocks leading to increased revenue, profitability, and working capital. Demand Sensing can help decipher customer sentiment and preferences at a granular level helping improve product mix and overall customer satisfaction levels.
We help food businesses win without waste with AI powered inventory planning.