The client is a leading automotive market player, established in the US. They employ over 6,500 people.
Being a new market player, the automotive industry client wanted to leverage SpendEdge’s supply and demand forecasting strategy in their pricing and procurement decision making. The automotive industry company was also looking at adopting a process to balance out the irregularities in the supply and demand curve. They also wanted to ensure that their products are produced at the right time and delivered seamlessly. Moreover, with the help of SpendEdge’s supply and demand forecasting solution, the client wanted to coordinate the planning and marketing process to reduce inconsistency and address issues pertaining to operational inefficiencies and missed opportunities.
To help the automotive industry company, the experts at SpendEdge adopted a comprehensive approach to supply and demand forecasting analysis. This engagement revolved around the process of creating a supply and demand chart for the specific market. The supply and demand forecasting solution also offered the required information for decision making with regards to product development, market requirements, and supply chain risk evaluation. Additionally, the automotive industry client was further able to consider the current automotive industry trends, seasonality, and the cost of production to decrease stock-outs. This helped them to better manage their inventory. Moreover, the supply and demand forecasting helped:
- Drive valuable improvements in the supply chain performance and optimized cash flow
- Develop a strong inventory replenishment plan
- Increase forecast accuracy
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Need for Supply and Demand Forecasting
To deal with the shortcomings of traditional supply chain management systems and several other factors affecting demand and supply planning, organizations are now realizing the need to leverage a supply and demand forecasting strategy to help predict future demand patterns and respond in an agile manner to varying customer needs. Moreover, a supply and demand forecasting engagement has become a necessity as there is a growing need to sense market demand and translate the requirements into supply chain responses.
Future of the Automotive Industry
The automotive industry is evolving drastically due to superior technological advancements. The use of technologies, such as big data, cloud computing, and the Internet of Things (IoT) has not only improved the end-user experience but also improved supply chain efficiency. Such automotive industry trends are going to revolutionize the industry and influence the automotive industry’s growth in the coming years. However, with the entrance of new automotive industry trends, adapting to these trends is becoming essential to withstand the growing competition. Also, automotive market players need to stay on top of new automotive industry trends, technologies, suppliers, and regulations to stay a step ahead of the global competition.
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