In this podcast , we are speaking to Viktoria who is a demand planning expert and she was kind enough to join us from Germany.
🔑 Key Strategies for Enhancing Resilience:
- Diversified Sourcing: Reduce dependency on a single supplier by establishing multiple sources for critical materials.
- Flexible Inventory Management: Build flexibility into inventory management with strategies like safety stock to buffer against disruptions.
- Proactive Communication: Stay connected with suppliers and customers to ensure you're informed and able to adapt plans accordingly.
📊 Leveraging Real-Time Data & Advanced Analytics:
- Demand Sensing: Use real-time data from sales, trends, and even social media to identify demand shifts early.
- Predictive Analytics: Leverage machine learning to forecast future demand based on historical data and emerging patterns.
- Agile Forecasting: Adjust forecasts dynamically by integrating real-time data, enabling quick reactions to disruptions.
🤝 Collaboration is Key:
- Information Sharing: Collaborating with suppliers and customers allows demand planners to anticipate disruptions and plan proactively.
- Joint Planning: Share demand forecasts and align inventory levels for better coordination across the supply chain.
- Flexible Lead Times: Negotiating flexible lead times with partners can help adapt to supply chain challenges during crises.
📈 Scenario Planning: Preparing for the Unexpected:
- What-if Analysis: Simulate disruption scenarios to plan for various risks, from natural disasters to political instability.
- Risk Mitigation: Identify risks in the supply chain and develop strategies to minimize their impact on demand forecasting.
- Adaptation of Resources: Quickly adjust resources (suppliers, transport methods) in response to disruptions.
⚡ Challenges & Solutions:
- Lack of Data Visibility: Advanced analytics and better data sharing can overcome this obstacle.
- Uncertainty & Volatility: Use agile forecasting and scenario planning to manage fluctuating demand and supply.
- Inflexible Systems: Implement more flexible, automated demand planning systems that can quickly adapt to change.
