Demand forecasting software can be used in many different companies. This tool uses past data to create predictions of what’s going to happen in the future. These predictions are called forecasts. Forecasts show companies what future consumer demand is going to be for their products or services offered to the public.
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There are a lot of specific elements to forecasting software, like organization tools, easy to understand forecasts, and more. Budgeting and forecasting software is needed for your business to effectively operate regarding supply chain.
Supply chain has multiple components, including planning, sourcing, inventory, production, transportation, and return of goods. While these parts of supply chain can be rattled off in a few seconds, they each contain a large amount of complexity. There’s unlimited potential for something to go wrong in all these parts of supply chain.
This year has been filled with unexpected happenings, and there seems to be no limit to these surprising elements that surround us. The holidays are upon us, and unfortunately, these complications don’t pay much attention to calendared events.
Thanksgiving 2021 was unique due to supply chain complications across multiple industries, such as retail and food & beverage.
SHOPPING
For years, Black Friday has been one of the largest annual shopping events for retailers everywhere. This holiday sales season is still dealing with the trickling effects caused by the disturbances related to the pandemic. Due to that fact, sales were predicted to be less than has been seen in the past on Black Friday. Retailers aren’t experiencing pre-pandemic shopping numbers, and this reality remained on Black Friday 2021. Online shopping has become huge while the in-store, 12 A.M. doorbuster deals have become a bit less popular.
FOOD
It’s no secret that the showstopper of Thanksgiving is the meal. This year, inflation was seen in the prices of Thanksgiving foods. The price of the meal increased by 14% and ended up being around $6 per person. Turkey prices rose 24%. Butterball, one of the largest suppliers of turkey, said they prepared for this Thanksgiving for a year. The grocery store Stop & Shop tried to limit turkey purchases to eliminate turkey hoarding situations by selling one turkey per $25 spent.
Cranberries were available, but the cans used to put the cranberry sauce in weren’t. Rather than cranberry jelly, some people had to resort to using fresh cranberries to make their sauce. Ocean Spray, a cranberry supplier with over 700 farms, had to use different cans than they typically do.
All of these instances are reflections of deeper issues along supply chain. A shortage of cans can come from a variety of different spots in supply chain. Perhaps the materials needed to procure cans is unavailable. Maybe the materials needed are available, but the production location is backed up and cans can’t be manufactured in a timely manner. The possibilities are endless.
There are potentials for supply chain complications almost everywhere you look. Having tools that are guaranteed to bring you more success is important. If your company sells a product or service to the public, then you can benefit from business forecasting software. In today’s market of constant changes and surprise, it’s important to stay ahead in any area you can.
Sales forecasting software gives you a clearer perspective of what’s coming. This can offer you more freedom than you’ve experienced using any other tool. If you’re interested in seeing the benefits that come from forecasting software, it’s important to research in order to find the software that’s the best fit for your specific needs.