Demand Planning – Preparing for the New Normal
Demand Planning Post COVID Uncertainty
Posted on: 04 June 2020
With the world moving towards the ‘new normal’ post the global pandemic scenario and the businesses taking off, making the right decisions based on intelligent forecasting is now the most crucial part.
The outbreak of the Covid situation has opened new doors on how we can keep going even during the whole crisis scenario by upgrading the entire chain of business units.
These 7 lessons can help you navigate your way through any crisis situation and execute the plan to obtain the desired output.
- Data is Crucial: The data which we have obtained during the pandemic is crucial, and needs to be processed in such a way that we can learn from it and also provide the data inputs to our planning strategies and step into the future.
- Be Neutral: As we know the information which is obtained is not pre-tested, and yet going into the system, we need to be neutral on the outcomes to come, even if they are negative. Demand planning provides the leadership to proceed even in times of uncertainty.
- Consistency is the Key: Though we shouldn’t overreact to the data, it is good to stay a step ahead and up to date on the new data which is made available. As we continue to move forward, novel consumer demands, environmental factors, adhoc planning decisions are most needed. Any delay in forecasting the changes can prove costly to the stakeholders.
- Analyze the Products: We need to understand the reason for the increase in the demand of a particular product in order to remodel the process. We need a different prospective so as to move forward during this pandemic.
- Strategize your Planning: We need an opportunity to learn from the new data we have obtained rather than worry about the outcomes of the data. We need to focus more on improving the planning strategy rather than worry about the accuracy of the data.
- Be Transparent: Demand planners play a major role during the times of uncertainties. We need to estimate the data and assess it with the collaborative effort. Calculate the risk and communicate it effectively and do not step back from showing the forecast.
- Prepare for the ‘New Normal’: We need to prepare ourselves for any new challenge that comes our way due to the change in the situation. The models on which we relied on for the forecast may not work, yet we need to brace ourselves for the unexpected changes that come our way.
Most important of all is not to forget what the crisis situation has taught us. It has provided us an opportunity for predictive analysis of the new and ever-changing dynamic data obtained during this crisis. These learnings should play a major role to create an effective and proactive response when the next crisis hits if it does. It has also taught us that the progress is always a collective effort and can only be achieved through collaboration.