The Datamine Guide to Demand Forecasting

Predicting customer demand is critical, but it’s not always straightforward.  Done well, demand forecasting can help streamline operations, reduce waste, and meet customer expectations.  Done poorly, it can cost you sales, impact your inventory, and hurt your bottom line.

What is demand forecasting?

You’ll learn how forecasting helps align your stock levels with real customer behaviour, avoid costly over or under-stocking, and improve decision-making across operations, supply chain and staffing.

Business challenges when forecasting demand

Even experienced businesses can struggle with demand forecasting.  We outline the most common challenges – from relying on outdated tools and using inaccurate or inconsistent data to underestimating the need for strategy and internal buy-in.  Learn how to overcome these pitfalls to get more accurate, actionable forecasts.

Internal and external factors that influence demand

A single variable rarely shapes demand.  We explore the wide range of factors that affect forecasting accuracy, including shelf life, supply chain delays, warehousing capacity, seasonality, competitor activity and economic shifts.  You’ll also find a list of questions to help you assess what influences demand in your specific business.

Forecasting methods and techniques

There’s no one-size-fits-all approach to demand forecasting.  Learn about core forecasting methodologies – qualitative, time-series and causal forecasting – and when to use each technique.  You’ll discover how to choose the right model for your needs based on data availability, time horizon and business goals.

5 steps to effective forecasting

To get forecasting right, you need a repeatable system.  We walk you through our five clearly defined steps to set up your forecasting process.  It’s a complete cycle you can embed into your operations for ongoing optimisation.

See forecasting in action

Read a real-world example from one of our clients.  This major retailer partnered with Datamine to centralise and streamline its forecasting approach, leading to an 8% increase in sales and a 17% drop in waste.  The takeaway?  The right forecasting model can quickly deliver measurable results.

Download the complete guide for your roadmap to smarter, more strategic forecasting.

Further reading:

How to kickstart a data strategy

Mastering Forecasting for Increased Profits

Sales forecasting shouldn't be rocket science

Can you see churn coming?

Maximise revenue with effective inventory management

CLIENTS WE HAVE PROVIDED DEMAND FORECASTING SOLUTIONS FOR