With the coronavirus pandemic and its lingering effects, companies have now experienced how challenging it can be to plan and maneuver their supply chains around uniquely disruptive, once-in-a-lifetime events. But the unfortunate truth is that less severe events overwhelm or undermine supply planning all the time. Legacy tools are no longer up to the task of getting supply where it is needed most.
To achieve fast and accurate demand planning in the year ahead, businesses have to over- come a number of problem areas, the most important of which include: updating historical data with current, real-time insights; replacing siloed processes with dynamic flow between departments and activities; implementing higher-functioning technology to process and analyze larger volumes of data; supporting product introductions with improved analytics; utilizing artificial intelligence and machine learning to enhance system algorithms and modeling.
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