This In The Know video from SupplyChainBrain highlights the perspective of several senior-level supply chain executives about demand forecasting methods they follow to support their respective digital supply chain initiatives.
In the area of forecast accuracy, there are many opportunities to drive improvements. Better forecasts are achieved from better demand signals through better data, artificial intelligence and machine learning, as well as the efficiencies gained by sharing a unified, digital supply chain platform across the organization.
One opportunity is with demand sensing. Smart companies are using demand sensing to import short-term demand data such as Point of Sale (POS) scan-based data, point of use device data, weather data, or social media data, on an hourly/daily basis to immediately sense demand signal changes. Through advanced algorithms the statistical significance of demand changes are evaluated and short term forecast adjustments made to drive short term supply chain responses.
The video includes perspectives from:
- Elaine Videau, Senior Planning Manager, Tillamook
- Chad Steighner, Chief Information Officer, Clarios
- Glenn Pascrell, Senior Vice President, Planning & Market Analytics, Citizen Watch America
- Pravin Rangachari, Senior Vice President, Haggar Clothing Co.
- Corey Graven, Vice President Supply Chain North America, Clarios
- Katie Morrison, Senior Director of Planning and Allocation, Finish Line