Home 5 Resource 5 Using AI-Powered Software for Better Demand Planning

Using AI-Powered Software for Better Demand Planning

by | Sep 28, 2023

As businesses grapple with today’s volatile markets and ever-evolving consumer preferences, the health and outcomes of your supply chain can no longer be sustained by history and hunches. Where decades-old, traditional processes fall short, AI-powered solutions have become a modern source to strengthen demand sensing capabilities, scale businesses, and drive more profitable growth potential.

Download our free checklist to determine if you are ready to make the smart shift!

Improve the accuracy of your forecasting

Outdated systems and manual spreadsheets tend to be time-consuming and prone to errors that introduce risk and limit real scalability. They lack the sophistication to detect and evaluate the complex demand patterns of today’s global economy. AI-powered solutions, however, use machine learning and advanced methods to evaluate and automate the selection of the best fit forecasting models tailored to your product portfolio and go to market business channels, to deliver more accurate market predictions.

Leverage important market signals

Incorporating important channel-specific data as well as point of sale data will improve your forecast accuracy. With access to the real-time realities of your supply chain, teams have the ability to more effectively avoid risk, uncover opportunities, and pivot as needed to scale more efficiently and profitably.

Optimize your inventory 

With the advantage of improved demand forecasting, teams are better equipped to avoid the unnecessary carrying costs, misuse of resources, and lost sales that come from overstocking and understocking of inventory. AI enables more holistic visibility into the time-phased needs, desired service goals and available working capital investment, so your team can more effectively plan for promotions, seasonal fluctuations, and other external factors.

Better and faster decision-making

AI has the empowering ability to evaluate multiple scenarios to generate more confident decision- making. With greater visibility, access to more predictive data, and real-time insights, the potential to sense external events and market signals more quickly is in your hands — giving you the power to make smarter decisions, faster.

Enhance collaboration across your business

With the support of AI-powered solutions, there’s greater opportunity to amplify team productivity — and not just for your own team, but across the entirety of your organization. Engaging company-wide leadership with shared information and insights will foster better alignment of resources and improved forecasting.

Create a more ideal customer experience

When you can meet consumer demands with greater accuracy, you ultimately make your customers happy. By using AI and automation to improve your demand planning, you can create more opportunities for customers to engage with your products and build a relationship with your brand.

If you’re still relying on traditional processes to manage demand planning, now is the time to make the smart shift to AI-powered solutions from industry innovators like Firstshift.ai. Firstshift.ai offers cloud-based demand planning software that drives speed, impact, and scale for businesses in this new era of supply chain planning. Schedule your free demo to discover how AI solutions can empower you to predict, sense, and shape the future.