Accurate and efficient demand forecasting is integral to the growth of every organization. The shifting focus from big data to smart data is driving organizations to expand their data sets to craft better demand forecasting strategies. At the same time, the application of new technology solutions has made demand forecasting less complex, more reliable, and significantly impactful.
According to a study by Grand View Research, the global demand planning solutions market was valued at $3.6 Billion in 2021 and is expected to grow at a CAGR of 10.3 percent from 2022 to 2030.
The prolific growth of the industry can be attributed to the rising awareness of the benefits offered by demand forecasting solutions, such as enhanced customer experience, lower inventory costs, and increased efficiency in overall production.
The application of AI solutions in demand forecasting is helping companies to utilize popular demand forecast methods such as deep learning and differentiable programming. AI enables them to improve forecasts based on historical data, previous market trends, and social media.
The Internet of Things (IoT) also helps analyze and predict demand by factoring in other variables, such as seasonal purchases and weather conditions. With the application of IoT and other sensing technologies, businesses get a clear, accurate, and comprehensive picture of their inventory, enabling them to schedule stock purchases as and when required, thereby controlling costs and reducing inventory loss.
This edition of Retail Tech Insights highlights the recent developments in the demand forecasting arena and insights into how businesses are aligning with these trends to transform legacy practices.
We have curated thought leadership articles from industry experts, including the President of Global Operational Services at Essity and the Manager of Customer & Marketing Analytics at QVC. We also took a deep dive into the market trends to narrow down the list of companies delivering robust demand forecasting solutions. Equipped with innovative technological capabilities, companies like 4R Systems help transform businesses at the cloverleaf of various disruptive technologies.
We hope this edition of Retail Tech Insights on demand forecasting solution providers helps you build the partnership you and your organization need to foster an environment driven by efficient technology.
