Businesses in the B2C retail and manufacturing sectors are coming under increasing pressure as competition and economic challenges intensify, so it’s more important than ever to stay relevant and visible to customers.
A B2C product launch is an important time in the product lifecycle, but its purpose isn’t simply to provide customers with an opportunity to purchase new items. The launch can also help a business to create anticipation or buzz around a new product, enhance its visibility in the marketplace, and obtain valuable customer feedback before progressing to full-scale production.
Accurate demand planning can unlock greater efficiency, achieve significant cost savings, and stimulate a more responsive approach to growth opportunities. However, the complexity of omnichannel sales and global supply chains can make demand forecasting challenging. With the difficulty of getting demand planning right, what steps can you take to improve your approach?
Production scheduling is a core component of every manufacturing process. But for production scheduling to deliver its full potential, it must be continuously optimised. That means that manufacturers should implement the appropriate software systems that aim to make improvements to every stage of production scheduling. Continue reading “Optimising Your Production Scheduling – 5 Key Areas For Improvement”
Demand forecasting is an invaluable tool that can help businesses adjust their manufacturing operations for optimal production and cost control. There are several types of forecasting techniques, each with their pros and cons.
In today’s competitive – not to mention volatile – marketplace, businesses that can effectively manage their inventory will be well-positioned for success. By keeping track of what you have in stock and anticipating demand, you can ensure that you always have the supplies you need on hand while avoiding the costs associated with overstocking or understocking. Therefore, achieving better control over your inventory management should be a top priority for any business owner as we move out of the pandemic.
The shift in consumer habits away from traditional ‘bricks and mortar’ shops towards online retail presents ecommerce businesses with an opportunity for growth and increased profitability. However, while operating online frees businesses from the expensive necessity to maintain and staff a physical retail space, they remain subject to the basic principles of supply and demand affecting all retail businesses.
Continue reading “How Ecommerce Businesses Benefit From Demand Forecasting & Cash Flow Planning”
For many business owners, 2022 is riddled with uncertainty. There are still open questions around the Covid-19 pandemic and its impact on the economy, Brexit developments impacting supply chains, shipping container shortages, and the added worry of a potential military conflict in the Ukraine! However, despite all this it seems that there’s hope in the horizon.
The Pandemic has not been kind to the cruise liner industry, with many leisure vessels still laying empty after 18 months. Nevertheless, with Covid-19 in retreat, many cruise line operators are looking forward to a surge in demand in 2022. And with the return of passengers comes the delicate game of inventory management – a more complex task for cruise liners than for land-based hospitality providers.
Matching supply to consumer demand is tricky at the best of times, even without the vagaries of a global pandemic to contend with. While an efficient demand forecasting strategy can drastically improve the accuracy of forward planning, there’s always an unavoidable element of subjectivity that’s hard to overcome. Machine Learning (ML), however, is improving the accuracy of demand forecasting even more, so that businesses can be more responsive to changeable markets.