Since its development in the late 1970s, the Just-in-Time (JIT) model for supplying manufacturers and retailers has come to dominate global demand forecasting and supply chain management. By cutting down the active supply of goods and parts to a small window through digital management, the Japanese carmaker Toyota pioneered a method that all but eliminated sprawling stockrooms and unintentional wastage. Parts arrived at the worker or robot, who added it to each car ‘just in time’ – creating a seamless, fast assembly line and supply chain. Demand forecasting, direct ordering, globalisation, and active data monitoring enhanced JIT further, creating intricate global supply chains to meet demand at the lowest possible cost to companies.
The art of demand forecasting for businesses can be incredibly tricky to get right at the best of times. Due to the COVID-19 pandemic, making accurate sales forecasts for 2020-2021 is a hard challenge for professional predictors.
Seemingly random local lockdowns, rapid changes in consumer behaviour and spending, an eccentric and hard-to-predict recession, and strange patterns of investment have made for a unique and chaotic landscape. Software and analysts rely on past data to produce an accurate picture of the future. When something unprecedented or unexpected happens, a rigid algorithm or basic model struggles to cope.
With customers racing to buy everything from turkeys to the latest toys, did you see a welcome spike in sales in the run-up to the festive season? It is a busy time of year and we know that Christmas can also bring unwanted gifts in the form of unhappy staff, dissatisfied customers, frustrated suppliers, and increased costs if you aren’t well-prepared. Utilising an effective forecasting and inventory management system can help you to mitigate these risks. But can you rise to the challenge and implement one in time for this year’s busy festive season? Continue reading “The Reflex Christmas 2020 Challenge: Can You Implement A Forecasting Solution In Time?! (Hint: We Can!)”
Being able to predict sales figures and strategising for periods of peak customer demand is central to a business’s success, as effective planning ensures an uninterrupted supply chain, low costs, competitive prices, and satisfied customers. Poor planning damages operations, restricts growth, and harms your reputation in the marketplace. Accurate forecasting is, therefore, essential. If your business model is due a review, take time to consider the potential implications of poor forecasting, to ensure your organisation doesn’t fall into the trap of not anticipating the future accurately.
As market conditions change rapidly, and businesses across all sectors face instability and a challenge from competitors, demand forecasting software has an increasingly important role to play in securing their future.
Managing inventory is one of the greatest challenges in business. Fluctuating demand for products, if not forecasted accurately, can mean an oversupply of some items, filling warehouse space unnecessarily, while an undersupply can leave the shelves empty. Poor organisation can lead to delays in transportation, while manual recording of stock levels and shipments is not a cost-effective use of time.
Launching a product can be a nerve-wracking process. After all, you can’t guarantee that your new goods will sell. Ensuring that your product is ready in time for Christmas can be particularly challenging, as it’s such a busy time of year. How can using our innovation management software help you to achieve your goal? Continue reading “How To Successfully Launch A Product In Time For Christmas 2020”
‘Prediction is difficult, particularly when it involves the future,’ said Mark Twain, probably more than a little ironically, but demand forecasting is central to the success of manufacturing operations. Without it, it’s virtually impossible to accurately calculate how many of a product should be manufactured within a given period, not to mention ordering the appropriate amount of raw materials and deploying staff effectively on the production line.
If you’re struggling to achieve your business goals, it’s time to do something about it – and, by acting now, you can get 2021 off to a fantastic start. One of the most important steps that you can take is to invest in high-end inventory management and stock forecasting software. It can help you to: Continue reading “Make Missing Your Annual Targets A Thing Of The Past – Get Ready For 2021”
This year, a large number of British B2C retailers will be looking to make up for lost time with a strong Q4 performance to offset months of poor trading and unprecedented falls in early-year customer spending.
However, a small, annoying, infectious, obnoxious being is still out there threatening Yuletide cheer – and it’s not one dreamt up by Dr Seuss. Continue reading “Don’t Let the Grinch Steal Christmas: Maximise your Post-Covid Xmas 2020 Retail Opportunities with Reflex Planning”