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8. Demand Forecasting
Using analytics, today‘s SCM software is capable of processing huge amounts of supply
chain data in a fraction of the time it would take a team of analysts. Not only does analytics
provide insight into past practices, but it can also create forecasts to predict future demand.
Based on past trends, using supply chain forecasting tools helps you anticipate your customers‘
demand. This provides the essential information to make crucial decisions regarding production
planning, labor management and supplier relationships in order to meet this demand. Without
forecasts, you risk stock shortages during periods of intense demand. On the other hand, when
demand is unexpectedly low, you risk running high carrying costs you could‘ve avoided
otherwise.
These forecasts are often communicated via dashboard reporting. For more on dashboards and
reporting, see the next section.
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