Is Demand Sensing Actually Predictive Analytics?
So imagine it’s 2022. Predictive analytics and we believe Intuendi with demand sensing will play a crucial role in your life, starting with your commute to work. When you get in your car, a predictive model will use biometrics to verify your identity. Spotify will pick music based on its forecast of your musical tastes.
As you drive, a “social techretary” reads the Facebook feeds, CareerBuilder ads and Match responses it predicts you will like. You’ll receive directions and notifications about traffic congestion from Siri. If you take your eyes off the road for too long, your car will shake your seat as a warning.
If a more severe threat looms, such as a distracted driver in another vehicle or a child about to dart into traffic, your car will sound a warning. Your vehicle’s prediction system will scan the engine and transmission and warn you of imminent mechanical breakdowns.
This is how we see driving to work in the future; however, we also see the same for your business, forecasting demand, what will sell, what will sit on the shelves and what quantity to order. And in the future or even next week, this is where demand sensing will be, and it is the predictive analytics for your business.
Why is predictive analysis like demand sensing? Predictive analysis is “technology that learns from data, your data, to predict the future behaviour of individuals to drive better decisions” and the same can be said for demand sensing. Predictive analytics and demand sensing are far from perfect, like all forecasting technologies, but it still outperforms an educated guess.
Before big data, technology, demand sensing and Intuendi, managers made decisions based on their experience, intuition and knowledge. These tools are valid, but they can be prone to bias. At Intuendi we know that data and demand sensing provides a more clinical and accurate approach to decision making.
Demand sensing is its own discipline, a rigorous field relying on computer science and statistics, so if you need to take your business forward, start today with a free trial of Intuendi!