Data being shared through social media and mobile internet just keeps on growing. The challenge is to efficiently manage, analyse and learn from the data to improve business forecasts and accelerate inventory management decision making. Social sensing software uses machine learning to extract and interpret big data from social signals and web analytics and enables better demand forecasting and supply chain planning.
The strength and weakness of traditional demand forecasting models using transactional data is that they use historical data which is not an accurate predictor of future demand. There is inevitably a disparity between customer demand and supplier reactions. Incorporating new data from sources such as social signals helps organisations to ensure their supply chain is more responsive to changing customer purchasing patterns.
Using social listening and big data to transform the supply chain
Social listening technology is now utilised by leading companies to assess brand perception and gain feedback on how their marketing campaigns are being received. Advanced data analytics is not about just forecasting demand patterns, it focuses on identifying the early factors that influence customers, including web analytics and social sensing data from primary channels such as Facebook, Twitter and Instagram. As much of this data is messy and incomplete, machine learning plays an important role in sorting out the valuable data from all the noise.
Social sensing enhanced demand forecasting models can help improve promotional forecasting and new product introduction planning. Within SO99+ there is a solution called Groover that leverages social listening for supply chain planning, correlating social sentiment with demand signals.
We leverage Groover to gather social data and interpret consumer sentiment to improve supply chain planning. Groover uses natural language processing and artificial intelligence to interpret social signals, for example Tweets, in particular those with positive or negative sentiment. It also considers the location, network impact and reach, and produces a social index that considers current social network trends and adjust future demand forecasts accordingly. This adds greater depth to the supply chain teams’ understanding of market movements and consumer demand patterns, leading to better supply chain planning and optimisation.
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.