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.
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.