Dan March

Special Guest Blog Post written by Chris Cunnane with InterSystems   Demand sensing and demand forecasting are both crucial aspects of optimizing supply chains, but they do have slightly different functions in their approach and focus. Demand sensing uses real-time data and analytics to identify and respond to immediate demand fluctuations, while demand forecasting uses historical data to predict future demand over a longer period (months or years). Different methods, such as statistical modeling and machine learning, are used to enhance the accuracy and adaptability of these processes. Both areas are crucial for companies when it comes to projecting sales, managing inventory, and coordinating replenishment. In the end, the goal is to accurately predict customer demand by using predictive models to forecast future demand. InterSystems surveyed 450 senior supply chain practitioners and stakeholders to examine key supply chain technology challenges, trends, and decision-making strategies across five key use cases: fulfillment optimization; demand sensing and forecasting; supply chain orchestration; production planning optimization; and environmental, social, and governance (ESG). This blog focuses on demand sensing and forecasting.   Current State of Demand Sensing and Forecasting According to the survey results, when asked how they currently forecast demand, 36% of respondents indicated that…

As Kelly Barner, host of Dial P for Procurement here on Supply Chain Now and host of The Sourcing Hero, says, “The volume of business content being created, shared and discussed every day can feel overwhelming, especially if you are trying to stay on top of best practices and make the most of your professional network. How we choose to spend our scarce listening and watching time is an important decision, and with many (many!) options, each content creator has to find a way to bring unique perspectives and value to their community.” Our CEO, Scott Luton, was recently invited to be Kelly’s guest on The Sourcing Hero podcast, and shares why it is just as important to understand a professional’s journey as it is to listen to their point of view on their area of expertise, the role of business media in helping individuals and teams deal with the challenges they face on a daily basis, and why we all need to look for and celebrate good news as often as we can. Listen to the Podcast Episode Here.