Striving to achieve that optimal balance of demand and supply is like trying to catch a glimpse of the beautiful, yet elusive snow leopard in the wild. You spend what seems like an endless number of hours high up in the mountains searching for it, trying to figure out its behavior and patterns and what makes it tick. Although no company will ever be able to reach that absolute equilibrium between demand and supply, those that are better equipped than their competitors have a chance at viewing the great white cat from afar and can reach a far greater degree of accuracy in their demand forecasting.
Traditional methods of forecasting based solely on historical data are no longer enough to build the momentum needed to reach beyond minimal incremental gains and achieve the boost in performance that business leaders in the digital era seek. To push past that glass ceiling, something else is needed. The 2019 Forecasting and Inventory Benchmark Study Best-In-Class Accuracy Infographic provides a quick glance into these three strategic steps that companies must take to improve their forecasting:
- Innovate mindfully by balancing growth and innovation
- Make items work harder to increase inventory productivity
- Embrace artificial intelligence (AI) for a consistent step-change in planning performance
This first infographic is one of three that breaks down the 9th annual e2open 2019 Forecasting and Benchmarking Inventory Study into easier to digest, at-a-glance portions. The comprehensive study takes a look at the current state of forecasting, inventory and supply performance to provide companies with insight into how they stack up against their peers. If you are interested in reading the full study, you can access it here.