Demand Planning is the art of planning for and managing customer demands. It is about how we manage the supply to plan for customer demand. There is a thin line between channel demands, with the pervasive use of mobile devices, and availability of the internet, customers are able to make purchases anytime and anywhere, and their need to have the merchandise ``immediately`` are putting pressure on retailers to have the correct assortment in their stores with the right quantity, and provide an efficient distribution network.
To be able to understand demand, we utilize customer data, market data, loyalty card data, market trends, and seasonality. Events and causal factors such as promotions and weather are also considered in the forecasting model. This level of precision is important to ensure product availability as well as to manage suppliers.
The storeBOOK Demand Planning tool utilizes dynamic forecasting algorithm which is capable of “learning” and correcting its course within its own parameter. It is a standalone product which can be integrated with any Retail ERP.