Why can demand forecasting develop into demand sensing now and not before and the answer is simple: data!
Today due to the massive data generation combined with powerful analytics, algorithms and artificial intelligence (AI) like that from Intuendi, as well as cheap data storage, make demand sensing possible whereas before we merely had to stick with the more straightforward demand forecasting. Just a point of note that while currently, we do use the term “big data” it actually may not last – at least, not as a business term.
Given the inconceivable amounts of data that nearly every organisation, across all industries, produces every day, the emphasis will have to move from “big data” to “smart data.” We have already seen with our clients that companies that use their data selectively, analyse the data wisely and apply the data to improve their decision making with demand sensing, will gain a competitive advantage over those that don’t. It is a simple as that.
Demand sensing is perfect for big data or smart data because big data affects almost every industry and every job. Almost everything you do at work and much of what you do at home – web surfing, buying, social media activity, watching TV, playing online games, and sending emails and texts – now produce data that you can collect and act on for increased profit with demand sensing.
More industrial, office-based and household devices – an estimated “50 billion by 2020” – connect to the Internet, creating the pervasive Internet of Things (IoT). Every organisation, regardless of size or industry, must embrace big data and analytics to compete and thrive. Now, every business can gain valuable customer insight and track inventory – whether tangible or intangible – in useful, relevant detail and with the power of Intuendi and demand sensing start to see where the business is going!