LONDON–(BUSINESS WIRE)–#Analytics–Quantzig, a leading analytics advisory firm that offers customized supply chain analytics solutions, has announced the completion of their new article on demand forecasting. Demand forecasting is a key component of every growing retail business. Without proper demand forecasting processes in place, it can be nearly impossible to have the right amount of stock on hand at any given time. Too much merchandise in the warehouse means more capital tied up in inventory, and not enough could lead to out-of-stocks and push customers to seek solutions from your competitors.
“Demand Forecasting is the pivotal business process around which strategic and operational plans of a company are devised,” says a supply chain analytics expert from Quantzig.
Every retail business is always looking for ways to cut costs. It’s one of the easiest ways to maximize profits. When companies implement a proper demand forecasting process it can help them cut costs in multiple ways. Also, demand forecasting helps in reducing the amount of capital tied up in inventory.
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Demand Forecasting Challenges
Tracking customers and business
Retail companies are facing difficulties in establishing an integrated system for their enterprise resource planning (ERP) and customer resource management (CRM) initiatives. Deploying different systems for ERP and CRM creates barrier in two ways for retailers. First, it leads to duplication of information in both systems impacting the efficiency and the other barrier is lack of actionable insights into unstructured data sets. Consequently, this makes it difficult for retailers to improve their business operations.
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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. Lack of focused approach leads to lack of visibility into potential factors responsible for organizational growth. Therefore, having a proper demand management process is important to make data-driven decisions.
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Want to know more? Read the complete article here.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
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