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Inventory planning involves using forecasting techniques to estimate the inventory required to meet consumer demand. [ 1 ] [ 2 ] [ 3 ] The process uses data from customer demand patterns, market trends , supply patterns, and historical sales to generate a demand plan that predicts product needs over a specified period.
However, demand forecasting is known to be a challenging task for businesses due to the intricacies of analysis, specifically quantitative analysis. [4] Nevertheless, understanding customer needs is an indispensable part of any industry in order for business activities to be implemented efficiently and more appropriately respond to market needs.
Collaborative planning, forecasting, and replenishment (CPFR) is an approach to the supply chain process which focuses on joint practices.This is done through cooperative management of inventory through joint visibility and replenishment of products throughout the supply chain.
It's a bottom-up approach vs. top down planning. Associated risks with this method are: Low forecast accuracy and numbers of planners required. There are various software systems that are designed to forecast demand and plan operations. To test the added value of implementing this bottom-up approach, applications are providing simulation ...
Often the focus of analysis is not the consumer but the product, portfolio, firm, industry or even the economy. For example, a retailer might be interested in predicting store-level demand for inventory management purposes. Or the Federal Reserve Board might be interested in predicting the unemployment rate for the next year.
The classic supply-chain approach has been to try to forecast future inventory demand as accurately as possible, by applying statistical trending and "best fit" techniques based on historic demand and predicted future events. The advantage of this approach is that it can be applied to data aggregated at a fairly high level (e.g. category of ...
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