How would you collaborate with the sales team to forecast inventory needs accurately?

Look at your last 3/6 months sales history (both primary and secondary sales trend), customer inventory levels (days cover) plus your promotional plans to make sure you have the right data. This will help with your forecast accuracy within the bandwidth which depends on the business target (eg +-5, +-10, etc..)

By leveraging real-time data, we can adjust our forecasts based on actual sales patterns and customer demand. This collaborative analysis enables us to identify patterns, such as seasonal spikes or declines in product popularity, allowing us to plan our inventory levels more effectively. Establishing a robust system where sales data, including customer orders and sales trends, is readily accessible to those managing inventory is vital for accurate forecasting.

Data sharing with the sales team plays a crucial role when it comes to Inventory planning and procurement. Sales teams with ground teams always have basic understanding of which sku / product is performing well and which can have a good potential In coming months for sales. Hence this plays an important part In inventory planning and procurement. With proper forecasting and planning, a company can achieve their goals and maintain an adequate level of inventory.

Sales team has the first hand visibility of market conditions and demand patterns. They also provide a crucial input, which is downstream inventory, which backend teams don't have visibility on. Also, sales teams help in regional demand planning which ensures inventory across all regions by efficient distribution planning. However it is important that demand planning tools are incorporated which identify trends based on historical data and help in avoiding any bias. Overall, a successful inventory plan is a product of an efficient collaboration between sales and supply chain, without which it is difficult to achieve efficient distribution.

Achei muito útil trabalhar as metas e oportunidades junto com as equipes de trabalho, seja na área de armazenagem ou vendas, com um dialogo frequente, metas claras, equipe engajada os objectivos foram facilmente alcançados.

Communication: Hold regular meetings with sales to discuss trends, promotions, and demand changes, ensuring alignment and fluid communication. Historical Data: Analyze past sales data collaboratively to spot trends, enhancing forecast accuracy based on past behaviors and seasonal factors. Collaboration on Promotion Strategies: Partner closely with sales to plan and predict promotion impacts, adjusting inventory levels to meet anticipated demand. Feedback: Establish ongoing feedback loops for sales to share sudden demand shifts and market insights, enabling swift, precise forecast adjustments. Training & Development: Educate sales on inventory management and forecasting, fostering deep understanding for delivering more valuable insights.

In the line of forcast accuracy the main key roll in S&OP & S&OE team, timely and frequently discussuion with sales team regarding to demand vs actual sales, better Sales & S&OP team will communicate and derive the number on the behave of coming month demands the forcast Other then this we can do multiple project where we can track OTIF with the help of this tool also we can improve forcast accuracy as if your IF project will run above 90% which means your are fulfilling good market . Developing a joint inventory strategy that aligns with sales objectives is crucial. This strategy should consider factors such as lead times, supplier reliability, and the cost of carrying excess inventory. By understanding the sales team's goals & challenges,

Monitorear factores externos y ver su relación con el comportamiento de la demanda puede ayudar a aumentar la certeza de la predicción. Sin embargo, recordemos que hay muchos factores que pueden afectar la demanda y el comportamiento del mercado.

When overwhelmed with excess inventory, prioritize selling items based on their carrying costs and demand. First, identify products with the highest carrying costs, such as those with high storage fees or risk of obsolescence. Next, analyze market demand to target items that are more likely to sell quickly. Combining these factors helps maximize savings and free up storage space efficiently.

En ocasiones, cuando un cliente requiere un producto y el vendedor no dispone de este para su venta, no ingresa este dato en el backorder o en alguna otra base, eliminando valiosa información que puede ayudar a mejorar el pronostico de la demanda. De aqui, es importante que la fuerza de ventas conozca la importancia de estos datos y capture toda información para mejorar el análisis de la demanda.

Developing a joint inventory strategy that aligns with sales objectives, considering key factors such as lead times and supplier reliability, and using technology and continuous improvement processes, you can collaborate effectively with the sales team to forecast inventory needs accurately. This collaborative approach ensures that both teams work towards the same goals and metrics, ultimately improving overall business performance.

-poursuivre l'engagement avec le fournisseur et les clients. - garantir les moyens et les facteurs de succes. - reduire les pressions sur l'equipe d'inventaire

Implement a process for continuous review and adjustment of inventory forecasts. The market is dynamic, and what was accurate last month may not be true today. By regularly reviewing sales performance against forecasts, you can identify discrepancies early and adjust inventory levels accordingly. This ongoing process helps maintain the balance between having enough stock to meet demand and minimizing excess inventory.

- l'amélioration continue n’est pas une destination, mais un état d’esprit. - Cultivez cette approche au sein de l'examen - rester performant et adaptable dans un environnement en constante évolution

Cross-Functional Meetings: Regularly scheduled meetings between the sales team and the inventory management team to discuss sales trends, upcoming promotions, and any potential market changes. This ensures that both teams are aligned and can make informed decisions together.