Big data isn’t just a generic, cleverly coined term. It’s an overarching philosophy, one that reinvents and redefines how industries leverage the power of data. Data can be prescient and precise, guiding organizations and their decision-making in everything from production and supply chain, to budget projections and cash flow.
For companies in sales of any sort, point-of-sale (POS) demand sensing is the epitome of big data’s power. As leaders in the POS data mining space, best-of-breed planning and forecasting solutions can channel POS demand sensing to transform forecasting from complete reliance on historical movement to forward-looking market anticipation. Stay a step ahead.
Immediate data for ultimate agility in demand sensing
Consumer preferences change on a dime, usually with little to no warning. Sales-oriented companies have traditionally been reactive rather than proactive in their response to such changes. Granted, much of this was specifically due to a lack of technology that could provide real-time POS demand data, or even systems that could approximate something close to immediate.
Fortunately, times change and so does technology. Gone are the days when POS data is interpreted strictly from the past. Instead, as a result of innovations in both capturing, streaming, and interpreting data, companies can now look forward to accurately predict needed changes in upstream production. Ultimately, this anticipatory brand of distribution planning converts changes in consumer preferences from weaknesses to absolute strengths.
Predictive power in demand sensing
With cloud-enabled planning and forecasting capabilities, organizations can rely on the predictive abilities of algorithms for statistical forecasting. These powerful tools let you see the road ahead, without disruption, rather than the rear view mirror. This is key to any organizations ability to maximize supply chain efficiency and satisfy pending demand-side expectations, even in volatile markets.
The evolution of POS demand sensing empowers organizations to take control of the supply chain, anticipate needed changes before shortages, and sidestep misalignments that disrupt product distribution, erode market share, and sour brand loyalties.
Plan ahead in demand sensing
The marketplace doesn’t provide a roadmap to organizations in search of the clearest, most efficient route to their goals. Instead, it poses challenges at nearly every step of the journey. As such, a cohesive approach to upstream production and distribution planning can become a GPS of sorts for that journey.
Organizations can now equip themselves for the rigors of a dynamic, competitive market using:
- Technology-based POS demand sensing that incorporates predictive abilities
- Cloud-based data storage for maximum accessibility
- Automated workflows that employ IoT capable equipment for all components of the supply chain – from the production line and distribution channels to inventory management
Anything short of this cohesive approach to supply chain management leaves companies ill-equipped to properly cater to the endless variety of customer segments and audience affinities. POS demand sensing that leverages everything technology has to offer is the first line of defense in establishing and maintaining the agility needed to keep pace.