The strength and weakness of transactional data is that it is historical. There is inevitably a latency between customer needs and supplier reactions. So, understanding demand and updating supply in a fast-changing environment means incorporating new data sources.
Bringing marketing data into the supply chain
Social listening is now used by marketing departments to assess how their brand is perceived and their marketing campaigns are being received. Within SO99+ there is a solution that brings this power of social listening to the supply chain team, correlating social sentiment with demand signals. A stochastic (probabilistic) demand planning system with embedded machine learning uses this data to improve demand forecasting.
These enhanced forecasting models can be especially helpful for new product introduction and promotions forecasting. For instance, we leverage a system called “Groover” that listens to social channels and gauges consumer sentiment to enhance supply chain planning. Groover uses natural language processing, a subset of artificial intelligence, to interpret the social communication, focusing on whether the sentiment is positive or negative. It can then look at the network impact, reach and location, producing a social index that can adjust future demand to account for current trends in the social network. This adds greater depth to the supply chain teams’ understanding of market movements and consumer demand patterns.
Brookes Supply Chain Solutions, the official UK distributor of ToolsGroup SO99+ supply chain software, brings together the best supply chain people, processes and technology to create sophisticated, highly automated demand-driven solutions which deliver measurable and sustainable business value.
We offer market leading consultancy, software and managed services for inventory optimisation, demand forecasting and product replenishment planning.
We understand the challenges enterprises face in a digital economy with high customer service and investor performance expectations.