What is Demand Planning?

In this video, we discuss the definition of demand planning and the seven key steps involved in the demand planning process. We also discuss the importance of demand planning for businesses of all sizes.

Demand planning is the process of predicting future demand for products or services. This forecast is then used to make decisions about inventory levels, production schedules, and marketing campaigns.

Demand planning is important for businesses of all sizes because it helps them to ensure that they have the right amount of products or services available to meet customer demand. This can help businesses to improve their customer service levels and avoid stockouts.

The seven key steps involved in the demand planning process are:u003cbru003e1. Collecting critical information and datau003cbru003e2. Measuring the accuracy of predictions against actualsu003cbru003e3. Creating a baseline forecastu003cbru003e4. Applying lessons learnedu003cbru003e5. Incorporating analyst and planner insightu003cbru003e6. Editing, reviewing, and checking the forecastu003cbru003e7. Approving and submitting the final demand forecast