Demand forecasting: Looking for answers
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Many retail executives cite concerns about demand forecasting accuracy and visibility into supply chain inventory levels. According to a survey of over 50 retail executives, 34% reported a lack of real-time visibility into supply chain inventory levels and 43% reported a lack of forecast accuracy. Issues with demand forecasting were consistent across small, medium, and large retailers and are a major challenge for the retail industry.
Demand forecasting: Looking for answers
- 1. Demand forecasting: Looking for answers SUPPLY CHAIN SURVEY OF 50+ RETAIL EXECS
- 2. ...both in their own business processes and toward the market as a whole. Many cite concerns about clarity and confidence involving demand forecasting Supply Chain Survey
- 3. 34% reported a lack of real time visibility into supply chain inventory, and Supply Chain Survey 43% reported a lack of forecast accuracy.
- 4. These issues are at the fore in every area of retail. Responses were consistent across all professionals in small, medium and large formats. Supply Chain Survey
- 5. Top demand forecast related challenges (percentage listing issue) Supply Chain Survey Lack of real time visibility of all inventory43% Too many unforeseen market risks / factors40% Lack of forecast accuracy34% Large competitive set 32%
- 6. Other topics included: Top steps taken to increase retail supply chain resilience Software used for retail forecasting and replenishment Retail supply chain software investment plans Major reasons for investing in new retail supply chain software AI’s biggest impact area in the next five years And more Supply Chain Survey
- 7. Download the full report The survey includes opinions of a diverse range of U.S. supply chain leadership roles at 50 North American retailers.