Demand Planning Methods Can Help Medical Device Manufacturing Companies to Improve Forecast Accuracy – Quantzig’s Recent Success Story Explains How
- Estimating the demand for products or services is crucial for medical device manufacturers considering the dynamism in the market today. Insights into these factors not only help plan for future scenarios but enable businesses to apply accurate demand planning methodologies to stay well-prepared to tackle the demand-supply fluctuations.
- Demand planning, according to Quantzig’s experts, applies forecasts and experience to estimate the demand for various items at various points in the supply chain.
“Demand planning serves as the starting point for warehousing, shipping, price forecasting, and supply planning that aims at fulfilling the demand and requires data on the anticipated needs of customers,” says a demand planning expert at Quantzig.
Demand volatility is the topmost pain point for most of the businesses in the 21st century. Though this can be attributed to several factors, it is mainly because of the dynamic nature of customer needs and requirements. Request a FREE proposal to know how we can help improve your demand forecasting capability.
Supply chain demand planning and management consist of activities such as gathering and capturing critical supply chain data, analyzing the data, creating a demand estimate, and ongoing evaluation and alerts. Within the demand planning exercise, a firm can predict the future demand for its products or services. Advanced analytical demand planning methods can be divided into – time series forecasting, causal models, or structural, where time series is the most common in traditional demand planning methodology. Read the complete article for comprehensive insights: https://bit.ly/3jsjM52
Demand Planning Engagement Summary
Considering the complexities of medical device manufacturing supply chains, traditional supply chain management methods are no longer adequate when it comes to analyzing and making sense of supply chain data that can help organizations to adapt to the changes in demand volatility.
The medical devices company approached Quantzig to leverage its expertise in demand planning and devise data-driven demand planning strategies to boost sales and improve margins. The client also wanted to identify and implement demand planning strategies to drive better market growth and optimize its supply chain network.
A prerequisite of conventional demand planning forecasting accuracy is stability. Conventionally it was assumed that history would repeat itself; thus, the situations that occurred past will reoccur, which is far from being true. But with Quantzig’s analytics-driven demand planning solutions, you can devise a sound demand planning strategy. Speak to our experts to know more about our demand planning solutions for the healthcare industry.
- Improved forecast accuracy
- Reduced turnaround time
- Enhanced brand growth and market excellence
We offer cutting-edge advanced analytics solutions to help healthcare industry players across the globe to improve and attain commercial success by devising the perfect demand planning strategy. Collaborating with us can help you make the most of the data at hand by applying advanced data modeling techniques and solutions designed and custom-built to suit your needs. Book a FREE Demo to learn more about our demand planning solutions.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 55 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
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