Mastering Supply Chain Forecasting: Techniques, Technologies, and Pitfalls

Ever wondered how leading companies stay ahead of the curve in supply chain management? Tune in to uncover the secrets of accurate forecasting, a crucial component for success in today's fast-paced market. We promise you'll learn how groundbreaking technologies like AI, machine learning, and IoT devices are setting new standards for real-time data analysis, enabling companies to anticipate demand and optimize their operations. Discover the importance of addressing assumptions within forecasting models and learn practical strategies for mitigating risks through regular updates, scenario analysis, and stress testing.In the second segment, we explore various forecasting techniques used in market research, from qualitative methods like market surveys and executive opinions to quantitative approaches including time series analysis and advanced machine learning algorithms. Learn how combining multiple methods can yield the most robust results and find out how to choose the right technique based on factors like historical data and forecast horizon. We'll also touch on the pitfalls of over-relying on historical data while ignoring external factors such as socio-political shifts and economic conditions. Our comprehensive and adaptable approach ensures your supply chain remains resilient and efficient. Don’t miss this insightful episode packed with expert advice and actionable strategies!You may want to also listen to:Chain Reaction Podcast Superforecasting and AI - Supply Chain AdvantageSend us Fan MailSupport the show THANKS FOR LISTENING PLEASE SUPPORT THE SHOW You can support the podcast by following the link here. It makes a big difference and helps us make great content for you to listen to. Follow like and share the Chain Reaction Podcast with colleagues and friends on social media: Facebook, Twitter, LinkedIn.News about forthcoming programmes click hereSHAREPlease share the link with others so they can listen too https://chainreaction.buzzsprout.com/shareLET US KNOWIf you have any comments, suggestions or questions then just direct message on Linkedin or X (Twitter)REVIEW AND RATE If you like the show please rate and review it. Every vote helps.About Tony Hines and the Chain Reaction Podcast – All About Supply Chain AdvantageI have been researching and writing about supply chains for over 25 years. I wrote my first book on supply chain strategies in the early 2000s. The latest edition is published in 2024 available from Routledge, Amazon and all good book stores. Each week we have special episodes on particular topics relating to supply chains. We have a weekly news round up every Saturday at 12 noon. ...