A demand planning software is a computer-based program that drives its name itself in processing the integration of a business’ historical sales data, as well as relevant business information and other important statistical analysis to come up with an instant long-term estimate of the expected demand in the market.
The user can input the impact of marketing promotions, as well as new product launching and the discontinuation of production, the pricing discounts, the rebates, and the essentials of market intelligence which are also considered by the software in generating the final version of a business’ much-needed demand planning.
If you ask business leaders and business analysts, the benefits of utilizing demand management software or demand planning software, the first one they will tell you is that they have an improved speed in the entire process of their demand planning because of a faster data processing speed because of the software’s capability in handling multitasking from different users at the same time of their inputs in the system. Also, they notice that their historical data comes up with very accurate information that is safely stored and retrievable and on top of that it has very high data integrity. Its in-built systematic checks and balances that can be utilized by the user’s inputs lead to improved accuracy.
Another benefit of utilizing demand planning software is improved efficiency of a company’s workflow because of its simplified work processes that are also standardized where the most current data is instantly refreshed from the database that leads to higher efficiency every time there is user input in accessing the system.
It also an effective cost saver by using lesser resources during the demand planning process that also comes with increased accuracy as well as efficiency, the forecast accuracy compared to manually gathering all data is improved tremendously that results to overall inventory reduction across the entire supply chain of a particular business.
When it comes to the scalability and flexibility of using a demand planning software, the user can also customize it in a higher degree according to the user’s requirements and capability of operating different possible scenarios rendering unparalleled flexibility because software programs under this software can process higher numbers of data and are also scalable for future uses of the business.
This software also has several advantages over the traditional productivity tool, the Excel because the latter is not primarily designed for multi-user accessibility and collaborative work and it is also known for its inconsistent and error-laden tasks that results too inaccurate reporting. Also, Excel is not fit for handling large amounts of data especially when you task it to update and consolidate multiple excel files.
Compared to Excel, demand planning is designed to be a collaborative process that simultaneously inputting multiple functions in different formats. It is also very capable of handling large volumes of data, information, statistical modeling as well as forecasting. The tools used in this software are essentially software programs that enable the user for a quicker, more accurate, and more effective execution of the demand planning process of a business.