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Understanding the Essence of Supply Chain in 5 Visuals

By
Niki Khokale
December 7, 2022
5
min
Share this
Blog

Understanding the Essence of Supply Chain in 5 Visuals

Share this

Supply chains are a complex network of several nodes and stakeholders that function together to ensure that the end customer receives the right product, at the right place and at the right time. In this blog, we have tried to understand what contributes to the success of these sophisticated networks in 5 simple visuals:

1. Demand Evolves In The Blink Of An Eye

Demand Evolves In The Blink Of An Eye

If you think that conventional monthly/weekly cycles are the best way to forecast your demand, then it’s time to rethink your approach. Yes, because by the time you read this sentence, your customer has already scrolled through 5 products! Your customer demand is evolving in the blink of an eye and you need to keep up with it. AI engines with self-learning capabilities constantly monitor and pick the right demand signals using tailored algorithms for every SKU, channel, store, or warehouse within your distribution.
These demand sensing engines also factor in crucial demand drivers like promotions, holidays, weather, cyclicity and seasonality. Further, they offer high precision accuracy by sensing demand changes as close to the customer as possible with their bottom up approach. This will help you stay on top of your demand trends, come what may.

2. Inventory Planning Is Always A Balancing Game Between Replenishing And Liquidating

 Inventory Planning Is Always A Balancing Game Between Replenishing And Liquidating

There is no thumb rule when it comes to planning your inventory. It is important to continuously optimize your inventory and decide what’s the best action item in different business situations. Essentially, the goal here is to be optimally stocked at all of your supply chain nodes to enable faster order fulfillments without any back orders or loss of sale.

Technologies like AI and ML are an effective way to simplify Multi Echelon Inventory Optimization by monitoring all your supply chain nodes in real time. This real time inventory optimization also helps you foresee what’s coming for you in the future. These tools are capable of smartly sensing any instances of stockouts or inventory wastage well in advance. This way, you can replenish your inventory right in time to avoid an out of stock situation or liquidate your excess inventory before they expire. Thus, it’s always better to take proactive measures than doing reactive fixtures when it comes to inventory optimization.

3 .Not All Promotion Strategies Hit The Mark

Not All Promotion Strategies Hit The Mark

Promotions are not just a concern for the marketing team. As much as it is important to come up with that killer marketing/promotional strategy it is also equally important to understand its impact on your demand. With that being said, you don’t have to always jump on the bandwagon to implement all promotion strategies that your competition may be running. Intelligent demand prediction tools are a great way to run price based simulations and identify those SKUs which can be targeted for certain promotional events and price discounts.
So, the marketing team can also determine which strategies work best and who they should target with these strategies. This will also enable a collaboration between the marketing and operations team to come up with more focused and effective promotional events for maximum revenue.

4. Metrics On Supply Chain Performance Matters

Metrics On Supply Chain Performance Matters

Your supply chain lies at the heart of your business and it can offer you a competitive edge when managed efficiently. Hence it is essential to continuously measure your supply chain performance and identify areas of improvement. You can evaluate your supply chain based on key aspects such as reliability, responsiveness, flexibility and cost efficiency. 

Here are a few key metrics to gauge your supply chain based on the above mentioned aspects:

  • Demand forecasting Accuracy
  • Promotional Impact on demand
  • Out of Stock Losses
  • Excess Inventory Levels
  • Safety Stock days
  • Warehouse Capacity Utilization
  • Inventory holding days
  • Supplier lead time and fill rates
  • Delivery time
  • Productivity gains on demand prediction and supply planning

5. Siloed Spreadsheet Based Planning Can Sabotage Your Supply Chain

 Siloed Spreadsheet Based Planning Can Sabotage Your Supply Chain

Spreadsheets don’t scale as your supply chain does. While managing your supply chain on spreadsheets might seem like a convenient choice, it comes with a cost. Spreadsheets can’t handle the growing size of hierarchies in your supply chain. Also they are not capable of predicting demand accurately throughout the life cycle of various SKUs. They are highly prone to errors and involve a lot of manual data inputting. Most of all, they don't offer you end to end  visibility of your supply chain making real time planning an impossible task.

And that’s all the more reasons to embrace the change with more intelligent and tech driven tools. Automating your supply chain end to end enables seamless collaboration between various teams through inclusive demand plans and better visibility. These tools can make your life easier by automatically adjusting your inventory and safety norms as your demand changes in real time. This also means you  get more time to focus on other value added activities rather than redundant tasks.

This form uses grid for its layout. Adjust and reorganize the divs inside the Form Grid to fit 1 or 2 grid columns as needed.

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Blog

Understanding the Essence of Supply Chain in 5 Visuals

Share this

Supply chains are a complex network of several nodes and stakeholders that function together to ensure that the end customer receives the right product, at the right place and at the right time. In this blog, we have tried to understand what contributes to the success of these sophisticated networks in 5 simple visuals:

1. Demand Evolves In The Blink Of An Eye

Demand Evolves In The Blink Of An Eye

If you think that conventional monthly/weekly cycles are the best way to forecast your demand, then it’s time to rethink your approach. Yes, because by the time you read this sentence, your customer has already scrolled through 5 products! Your customer demand is evolving in the blink of an eye and you need to keep up with it. AI engines with self-learning capabilities constantly monitor and pick the right demand signals using tailored algorithms for every SKU, channel, store, or warehouse within your distribution.
These demand sensing engines also factor in crucial demand drivers like promotions, holidays, weather, cyclicity and seasonality. Further, they offer high precision accuracy by sensing demand changes as close to the customer as possible with their bottom up approach. This will help you stay on top of your demand trends, come what may.

2. Inventory Planning Is Always A Balancing Game Between Replenishing And Liquidating

 Inventory Planning Is Always A Balancing Game Between Replenishing And Liquidating

There is no thumb rule when it comes to planning your inventory. It is important to continuously optimize your inventory and decide what’s the best action item in different business situations. Essentially, the goal here is to be optimally stocked at all of your supply chain nodes to enable faster order fulfillments without any back orders or loss of sale.

Technologies like AI and ML are an effective way to simplify Multi Echelon Inventory Optimization by monitoring all your supply chain nodes in real time. This real time inventory optimization also helps you foresee what’s coming for you in the future. These tools are capable of smartly sensing any instances of stockouts or inventory wastage well in advance. This way, you can replenish your inventory right in time to avoid an out of stock situation or liquidate your excess inventory before they expire. Thus, it’s always better to take proactive measures than doing reactive fixtures when it comes to inventory optimization.

3 .Not All Promotion Strategies Hit The Mark

Not All Promotion Strategies Hit The Mark

Promotions are not just a concern for the marketing team. As much as it is important to come up with that killer marketing/promotional strategy it is also equally important to understand its impact on your demand. With that being said, you don’t have to always jump on the bandwagon to implement all promotion strategies that your competition may be running. Intelligent demand prediction tools are a great way to run price based simulations and identify those SKUs which can be targeted for certain promotional events and price discounts.
So, the marketing team can also determine which strategies work best and who they should target with these strategies. This will also enable a collaboration between the marketing and operations team to come up with more focused and effective promotional events for maximum revenue.

4. Metrics On Supply Chain Performance Matters

Metrics On Supply Chain Performance Matters

Your supply chain lies at the heart of your business and it can offer you a competitive edge when managed efficiently. Hence it is essential to continuously measure your supply chain performance and identify areas of improvement. You can evaluate your supply chain based on key aspects such as reliability, responsiveness, flexibility and cost efficiency. 

Here are a few key metrics to gauge your supply chain based on the above mentioned aspects:

  • Demand forecasting Accuracy
  • Promotional Impact on demand
  • Out of Stock Losses
  • Excess Inventory Levels
  • Safety Stock days
  • Warehouse Capacity Utilization
  • Inventory holding days
  • Supplier lead time and fill rates
  • Delivery time
  • Productivity gains on demand prediction and supply planning

5. Siloed Spreadsheet Based Planning Can Sabotage Your Supply Chain

 Siloed Spreadsheet Based Planning Can Sabotage Your Supply Chain

Spreadsheets don’t scale as your supply chain does. While managing your supply chain on spreadsheets might seem like a convenient choice, it comes with a cost. Spreadsheets can’t handle the growing size of hierarchies in your supply chain. Also they are not capable of predicting demand accurately throughout the life cycle of various SKUs. They are highly prone to errors and involve a lot of manual data inputting. Most of all, they don't offer you end to end  visibility of your supply chain making real time planning an impossible task.

And that’s all the more reasons to embrace the change with more intelligent and tech driven tools. Automating your supply chain end to end enables seamless collaboration between various teams through inclusive demand plans and better visibility. These tools can make your life easier by automatically adjusting your inventory and safety norms as your demand changes in real time. This also means you  get more time to focus on other value added activities rather than redundant tasks.

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Supply chains are a complex network of several nodes and stakeholders that function together to ensure that the end customer receives the right product, at the right place and at the right time. In this blog, we have tried to understand what contributes to the success of these sophisticated networks in 5 simple visuals:

1. Demand Evolves In The Blink Of An Eye

Demand Evolves In The Blink Of An Eye

If you think that conventional monthly/weekly cycles are the best way to forecast your demand, then it’s time to rethink your approach. Yes, because by the time you read this sentence, your customer has already scrolled through 5 products! Your customer demand is evolving in the blink of an eye and you need to keep up with it. AI engines with self-learning capabilities constantly monitor and pick the right demand signals using tailored algorithms for every SKU, channel, store, or warehouse within your distribution.
These demand sensing engines also factor in crucial demand drivers like promotions, holidays, weather, cyclicity and seasonality. Further, they offer high precision accuracy by sensing demand changes as close to the customer as possible with their bottom up approach. This will help you stay on top of your demand trends, come what may.

2. Inventory Planning Is Always A Balancing Game Between Replenishing And Liquidating

 Inventory Planning Is Always A Balancing Game Between Replenishing And Liquidating

There is no thumb rule when it comes to planning your inventory. It is important to continuously optimize your inventory and decide what’s the best action item in different business situations. Essentially, the goal here is to be optimally stocked at all of your supply chain nodes to enable faster order fulfillments without any back orders or loss of sale.

Technologies like AI and ML are an effective way to simplify Multi Echelon Inventory Optimization by monitoring all your supply chain nodes in real time. This real time inventory optimization also helps you foresee what’s coming for you in the future. These tools are capable of smartly sensing any instances of stockouts or inventory wastage well in advance. This way, you can replenish your inventory right in time to avoid an out of stock situation or liquidate your excess inventory before they expire. Thus, it’s always better to take proactive measures than doing reactive fixtures when it comes to inventory optimization.

3 .Not All Promotion Strategies Hit The Mark

Not All Promotion Strategies Hit The Mark

Promotions are not just a concern for the marketing team. As much as it is important to come up with that killer marketing/promotional strategy it is also equally important to understand its impact on your demand. With that being said, you don’t have to always jump on the bandwagon to implement all promotion strategies that your competition may be running. Intelligent demand prediction tools are a great way to run price based simulations and identify those SKUs which can be targeted for certain promotional events and price discounts.
So, the marketing team can also determine which strategies work best and who they should target with these strategies. This will also enable a collaboration between the marketing and operations team to come up with more focused and effective promotional events for maximum revenue.

4. Metrics On Supply Chain Performance Matters

Metrics On Supply Chain Performance Matters

Your supply chain lies at the heart of your business and it can offer you a competitive edge when managed efficiently. Hence it is essential to continuously measure your supply chain performance and identify areas of improvement. You can evaluate your supply chain based on key aspects such as reliability, responsiveness, flexibility and cost efficiency. 

Here are a few key metrics to gauge your supply chain based on the above mentioned aspects:

  • Demand forecasting Accuracy
  • Promotional Impact on demand
  • Out of Stock Losses
  • Excess Inventory Levels
  • Safety Stock days
  • Warehouse Capacity Utilization
  • Inventory holding days
  • Supplier lead time and fill rates
  • Delivery time
  • Productivity gains on demand prediction and supply planning

5. Siloed Spreadsheet Based Planning Can Sabotage Your Supply Chain

 Siloed Spreadsheet Based Planning Can Sabotage Your Supply Chain

Spreadsheets don’t scale as your supply chain does. While managing your supply chain on spreadsheets might seem like a convenient choice, it comes with a cost. Spreadsheets can’t handle the growing size of hierarchies in your supply chain. Also they are not capable of predicting demand accurately throughout the life cycle of various SKUs. They are highly prone to errors and involve a lot of manual data inputting. Most of all, they don't offer you end to end  visibility of your supply chain making real time planning an impossible task.

And that’s all the more reasons to embrace the change with more intelligent and tech driven tools. Automating your supply chain end to end enables seamless collaboration between various teams through inclusive demand plans and better visibility. These tools can make your life easier by automatically adjusting your inventory and safety norms as your demand changes in real time. This also means you  get more time to focus on other value added activities rather than redundant tasks.

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