Supply Chain Forecasting: The ‘IN’ Thing Today in Logistics
Today when you think of logistics, you tend to connect it to speed and timeliness, that is to process and ship orders on time with efficiency and provide the right information to customers to make the right decision. With technology evolving, the logistics companies are looking ahead to automation and digitalisation with forecasting tools as it has the capability to boost operational efficiency, improve warehouse performance and adequately manage the predictive analysis.
What are the popular methods of supply chain forecasting?
The forecasting data and analytics tools help logistics company in Mumbai, across India and globe to make decisions based on the data available.
- Supply forecasting analyses supply data to plan product quantities and their availability
- Demand forecasting gets into customer data to understand the purchasing pattern and customer behaviour
- Price forecasting considers supply, demand and external parameters like weather, prevailing market conditions that determine the cost of goods throughout the supply chain.
Equipped with such forecasting information, a logistics provider can ensure taking their organization to greater heights by understanding the market and working accordingly.
Advantages of supply chain forecasting
Accurate information: Forecasting ensures that logistics companies manage and fulfil orders using the data. Accurate and better information helps in on-time delivery, allows warehousing to maximize space by reducing unwanted inventory in stock.
Enhanced decision making: Analytics helps in making the right decisions. Understanding the trends through data, logistics providers can know what products are available in the warehouse, popularity of a particular product and much more. Strategies can be optimized accordingly for better productivity.
Increased customer satisfaction: Customer experience is best when you do it the right way by providing them with the right information about prices, the delivery time and whatever they request for. Understanding exceptions and working accordingly will help retain customers and sustain in the industry.
Saving on costs: With right forecasting, you can spend less time researching and streamline the operations resulting in cost savings. With the help of IoT devices, scanners, RFIDs and many other technical devices, logistics companies are doing better on saving costs.
20Cube logistics is doing all things right to emerge as a powerful competitor to many top logistics companies. Using its smart software application, which is an integrated platform it helps all the stakeholders who are involved in the process to be on the same platform and share information with each other. The detailed reports available can be customised as per the customer’s request so that they can forecast better and decide right.