People believe that you should ignore outliers. But, that may not be the best thing to do in planning. Outliers in historical data tell us about potential shifts in demand patterns. Or emerging trends. Investigate them and consider their impact on future forecasts. Don’t ignore outliers. Don’t Ignore Outliers! It’s like Read more…
The electronics industry often faces uncertain demand due to rapidly evolving technology and consumer preferences. A flexible supply chain is crucial to accommodate changes in product specifications, adjust production volumes, and switch suppliers when needed. Don’t lock in orders, you should react to market signals. Invest in Supply Chain Flexibility Read more…
On India’s Independence Day, test counterintuitive strategies. Try new strategies.In specific store locations or product categories. Surprising insights can emerge.And you can discover untapped opportunities. https://lnkd.in/gkdMP9Ny Test Counterintuitive Strategies: Imagine you have a favourite game you always play with your friends. You know all the rules, but one day, you Read more…
Customer feedback is not enough. Relying solely on customer feedback can be misleading. Customers might not always know what they want or may express inconsistent preferences. Combine feedback with behavioural data for a more accurate picture. https://lnkd.in/gJ5hEHxg Customer Feedback: Super important, BUT not enough all by itself! Imagine you’re making Read more…
Bring in experts from outside your industry to provide fresh perspectives. They can offer valuable insights & strategies from other sectors.That may not be obvious to your team. Include external expertise. https://lnkd.in/gMJa-iBs Include External Expertise Good businesses want to make their products or plans even better. So they bring in Read more…
Most planners avoid uncertainty. My advice: Embrace uncertainty. Instead of striving for perfect predictions, accept that uncertainty is inevitable. Use models that offer a range of potential outcomes rather than one fixed number.#planning #embraceuncertainty #youneverknowhttps://lnkd.in/g5azuxMx “Embracing Uncertainty” – a cool idea that can help us in many ways! 🤔 When Read more…
Planning teams focus on global trends. But, Local factors matter While global trends are essential,consider local factors like– cultural events,– holidays, and– regional preferences. These can impact demand and should be factored into your planning. #planning #local #demandmanagement https://lnkd.in/g6BVM7vJ Today, we’re going to learn about something cool called “Local factors”. Read more…
People believe more data is better. But, Fewer data can be more effective. Analyzing only the most relevant data can lead to more accurate responses. Focus on high-quality data sources and avoid data overload. https://lnkd.in/gXfWhrR6 Sometimes having less information can be better for making smart decisions. 🤔 It’s true! Let me Read more…
To apply the learning from the post in a retail context, you can consider the following: 1. Productive Capacity:Understanding the capacity of your store or distribution centre to handle– customers,– process transactions, and– manage inventory.By analyzing historical data,you can improve your– staffing levels,– store layout, and-operational processesto ensure efficient use Read more…
A retail company wants to put in place a new inventory management system.Why? To improve operational efficiency and reduce waste. 1️⃣ Committed Managers:Managers need to understand why improving inventory management is crucial for the business. They should recognize– the challenges and– time wasteddue to poor coordination of tasks and resources. Read more…