Best practices in demand forecasting
A requirement for perfectly balancing stocks and readiness for delivery
Finally demands boom – and then the readiness for delivery fails! Does it take a more visible sign of too many companies relying on imperfect demand forecasts? Companys which work with more precise forecasts, in contrast, were able to react much faster to recession as well as the booming market.
Yet many managers unterestimate the meaning of demand forecasts for their businesses success: Some companies believe that their own know how and the use of an ERP system would be sufficient. But they do not notice how badly they perform in comparison to how well they could instead. Other companies are of the opinion that demand forecast is obsolete in times of demand-oriented production and a low readiness for delivery or excess stocks are their schedulers and planners faults. But how can you know which way to set sails (= schedule), if you do not know which way the wind blows (= future demands)?
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