Consumption-Based Forecasting and Planning: Predicting Changing Demand Patterns in the New Digital Economy

This book presents a new approach to forecasting for retailers and manufactures for demand planning that emphasizes why changing from a supply centric approach to a true demand (consumption--POS, syndicated scanner data) approach is required to be successful in the new digital economy. The current COVID-19 disruption has emphasized the need to change from tradition demand planning to consumption-based forecasting and planning with a renewed focus on the consumer, rather than only on supply. It will showcase short-term and mid-term demand sensing, with a focus on the disruptions being caused by the digital economy, and COVID-19. This book: * Significantly helps improve demand forecasting and planning accuracy, which reduces the costs of finished goods inventories, out-of-stocks on shelf, waste, and working capital. In turn it increases profit margins and revenue. * Helps companies understand the short-term changes in consumer demand patterns as a result of the digital economy, and COVID-19. Also, what is driving those changing consumer demand patterns (price, sales promotions, in-store merchandizing, epidemiological, economic and other related factors like unplanned events related to the pandemic crisis). * Addresses changes in people skills, processes, analytics, and technology. * Provides real case examples using real data, and how to apply advanced analytics and machine learning to solve current business problems. * Provides a framework for changing the way demand forecasting and planning are done, as well as the change management requirements for sustainability.