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Reasons Your Logistics Company Needs Supply Chain Forecasting

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Logistics companies thrive on speed and agility. To process and ship orders with efficiency, access to accurate information from supply chain providers is essential for any ideal operation. Supply chain forecasting tools are among the most powerful logistics software solutions available for this industry.

Engineered to make the fulfilment process more intelligent, supply chain forecasting software helps logistics companies boost efficiency, improve warehouse performance, and accurately manage capacity using cutting-edge data science and predictive analytics.

Popular methods of supply chain forecasting

Supply chain forecasting models empower logistics providers to make decisions through data. There are three types of forecasting solutions often used by logistics companies:

  • Supply forecasting, which analyses supplier data to determine product quantities and dates of availability.
  • Demand forecasting, which analyses customer data to determine purchasing patterns and customer behaviour.
  • Price forecasting, which takes into account supply, demand, and external factors such as weather to determine the cost of goods throughout the supply chain.

Armed with forecasting information, logistics providers can transform their organization into an intelligent, streamlined operation.

Data-driven supply chain modelling

The benefits of supply chain forecasting software

Here are four reasons logistics providers need supply chain forecasting software:

  • Better information. Forecasting allows logistics companies to manage assets and fulfil orders using up-to-date data. Greater transparency into the process makes just-in-time delivery possible, allowing warehouses to maximize space and reduce unwanted inventory.
  • Improved decision-making. Understanding when products will be available, the popularity of a particular item, and exterior factors that may affect production allows logistics providers to draw better conclusions. By recognizing common patterns and anticipating needs through data science, logistics providers can react in real-time to changing conditions and optimize their strategies accordingly.
  • Increased customer satisfaction. A better grasp of availability and pricing enables logistics providers to deliver an improved customer experience. Understanding when products will be in stock and any factors that can affect delivery can help logistics providers mitigate against potential cancelled orders, returns, or delivery delays.
  • Cost savings. Implementing supply chain forecasting can deliver significant cost savings through streamlined operations. Combined with IoT devices and mobile warehouse technology, logistics providers can save up to five times their costs.
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Reasons Your Logistics Company Needs Supply Chain Forecasting
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supply chain forecasting
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Introducing supply chain forecasting to your logistics organisation

ELEKS helps logistics companies implement the right supply chain forecasting solutions for their business. From technology consulting to custom software development, ELEKS' data scientists and domain experts can identify gaps in the logistics process and extract valuable insights from your data.

Logistics software that we build for our clients can seamlessly integrate with major CRM, ERP, CRM, as well as customer's internal systems, creating holistic solutions that work throughout the enterprise. Contact us today for a more intelligent, efficient logistics operation.

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