All You Need to Know About Demand Sensing
Retailers need to predict which products will be in high demand in the future to stock the inventory accurately and meet the consumer demand. This results in improved revenue, and businesses never fail to fulfill orders. It can also reduce the risks of inventory overstocking and understocking, thereby reducing wastage. However, it is impossible to anticipate the demand with 100% accuracy. But by implementing advanced technologies such as machine learning and artificial intelligence, supply chain managers can predict demand accurately through demand sensing software. While demand forecasting generates accurate results for long-term and mid-term planning, it is generally less productive in the case of short-term planning. This can be achieved by demand sensing. Let us first have a look at what demand sensing is. What is Demand Sensing? Consumer demand fluctuates significantly with time, and retail businesses should estimate demand while considering short-term trends and ...