Integration of Forecasting in Supply Chain Forecasting and Supply Chain Planning

Open Access

Year : 2023 | Volume :4 | Issue : 1 | Page : 18-24
By

    Chiranjeev Jha

  1. Guest Lecturer and Corporate Trainer, DGM at Tata Motors Ltd., Jamshedpur, Jharkhand, India

Abstract

Big corporates nowadays see forecasting in a light different from that was seen decades ago. The top- notch strategists came to realize that demand forecasting in and of itself was not particularly helpful for a company. During the surveys they came across many companies that were pretty good at forecasting, but they still struggled with their inventories, fill rates, and costs. The reason they struggled with these problems was not that they were not forecasting well. The reason was because they were not doing a good job of translating their forecasts into good business decisions. Sales and marketing were not communicating well with their supply chain colleagues, and vice versa. Putting in other words, the fact came to the surface that forecasting was not the only thing that companies needed to work on. They also needed to work on those integrating processes that facilitate communication between the demand side of the firm (sales and marketing in a manufacturing context, and merchandising in a retailing context) and the supply side of the firm (the supply chain organization, or logistics, procurement, and operations).

Keywords: Supply chain, planning, forecasting, corporate, demand, supply

[This article belongs to NOLEGEIN Journal of Supply Chain and Logistics Management(njsclm)]

How to cite this article: Chiranjeev Jha Integration of Forecasting in Supply Chain Forecasting and Supply Chain Planning njsclm 2023; 4:18-24
How to cite this URL: Chiranjeev Jha Integration of Forecasting in Supply Chain Forecasting and Supply Chain Planning njsclm 2023 {cited 2023 Jun 29};4:18-24. Available from: https://journals.stmjournals.com/njsclm/article=2023/view=91294

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Regular Issue Open Access Article
Volume 4
Issue 1
Received June 21, 2021
Accepted June 29, 2021
Published June 29, 2023