Learn
how to get the right product at the right time with these demand
forecasting best practices.
Many demand forecasters and planners who want to optimize inventory levels, often find themselves overstock or understock. They are repeating cycles where they have spent too much cash on the wrong products, or not enough on the right products and are missing sales. This can lead to loss of customers, firefighting urgent demand problems, costly expediting of product, and decreased profits.
This topic helps the persons responsible for having the right product at the right time for their customers, operate with best-in-class demand forecasting practices to optimize inventory levels. The material also explains methods for evaluating poor performing SKUs, utilizing critical soft skills in collaboration, analyzing product trends, and strategically planning inventory levels.
Learning Objectives:
- You will be able to define business risks to mitigate and opportunities to seize.
- You will be able to discuss the impact demand forecasting has on inventory levels.
- You will be able to identify best methods for forecasting long-tenured and brand new products.
- You will be able to recognize your most profitable products, and what products need to be on the chopping block.
Demanding Profitability
- Top Performers, Volume and Margin
- Low Performers, Find the Decision Maker
- Dead SKUs, the Cost of Keeping Dead/Old Stock
Forecasting Growth - If You Don't Build It, Sales Won't Come
- Collaboration Across Departments
- History, Friend and Foe
- Seasonality
- New Product Launches
- Risks and Opportunities
Breaking the "Sold out" Cycle
- Missed Sales With Stockouts
- Banking on "Pent up" Demand
- Communication With Decision Makers
Strategic Inventory Modeling
- Lead Time of Finished Goods
- Supply Lead Time
- Days of Inventory
Credit Information (Sponsored by Lorman Education Services):
- CPE
- ISM
- AIPB
- AIPCS
- NASBA
For Detailed Credit Information page
click here
Only registered attendee will receive continuing education credit.
Faculty
Layne Booth, The Project Booth
- Owner and operations catalyst of The Project Booth
- Practice emphasizes all aspects of operations, supply chain management, manufacturing, inventory and forecasting
- Conducts regular workshops on back end systems and strategies
- Six Sigma Green Belt, Project Management Professional
- B.S. degree, textile and industrial engineering
- Can be contacted at info@theprojectbooth.com or www.theprojectbooth.com
(Not available outside the US)