Any business needs demand planning software connecting to their sales and operation plans to help empower the company. With it, you can accurately predict the demand for your products and services.
The data then feeds through to your Sales & Operation Planning processes. The fact is that Excel will not coordinate the data from your ERP to CRM and external market information. But what features do you need to consider when choosing demand planning software?
Important Demand Planning Features
When the time comes to look for the right demand planning software, you can consider the following features to make your search easier:
Interactive Statistical Forecasting
The features must be on your priority list for demand planning software. Interactive statistical forecasting allows for the forecast quantities and tailors for different methods to suit the workflow, making it flexible yet user-friendly.
The function allows you to test multiple scenarios to forecast any time-related intensity, like intermittent and seasonal demand. Hence, the software you use must predict the future around the historical sales data available.
Thus, the user must be capable of manually adjusting to test different scenarios to receive outcomes from taking the needed action.
Look For Segmentation Analysis
It is another critical component when choosing demand planning software. With the feature, you can divide it into groups like the market, customers, and other factors to help support your development plan. You can then adjust your forecast to target specific segments to monitor your KPIs.
The majority of demand planning software comes with an innovative workflow function. With the feature, you can monitor the demand planning process to collaborate or speed up operations. In addition, it must allow you to track completions to approvals of forecast updates by sending automated emails with notifications to relevant parties.
Hence, the software must make automated routine demand planning the data preparation easier. In addition, the feature frees up time for planners to collaborate fully with their peers in the S&OP. Thus your organization becomes more proactive in adapting to external influences to pressure.
Data Integration Centralizing With The Master Data
The software you choose must centralize the master data to transaction data from your source systems to provide multiple planning applications. When you have demand planning, it must connect with different sources.
For example, your ERP gathers historical and external data on the current and future market demand. So, connecting it to your existing system is essential. It will help you make decisions based on inside and outside information about your business.
With a friendly interface owned by your business and not the IT department, you get viable data to make flexible corrections manually.
Other Crucial Features
Here are some other essential features as well:
- Consensus demand planning helps you tailor your needs for all users to view plans online, on mobile, or through Excel sheets with cloud solutions.
- The product life cycle is also essential to allow you to plan for new products to phase-outs to view the lifecycle and plan processes accordingly.
- Promotion planning also needs to be part of the package as it is a crucial demand driver.
- Lastly, the demand planning software must allow you to master data maintenance adjustments and track them in real time to change the hierarchy structure in your live models.
These are some of the essential features to look for in-demand planning software. Still, if you are still deciding what to choose, we recommend you contact John Galt today to discuss your needs.
Originally posted 2022-10-27 14:17:00.