TechGad Solutions, a leading technology company, is experiencing challenges in demand forecasting for its range of electronic gadgets. The company's products have a varying demand pattern influenced by market trends, seasonality, and product launches. Traditional forecasting methods have proven inadequate in addressing these complexities, leading to either excess inventory or stockouts, impacting overall customer satisfaction and operational costs. 

To tackle this issue, TechGad Solutions is considering the implementation of supply chain analytics. The company believes that leveraging advanced analytics tools and techniques can provide more accurate and insightful demand forecasts, allowing for better inventory management and improved customer service.

By Company: TechGad Solutions

Learning Objectives

 

1. How can TechGad Solutions utilize supply chain analytics to enhance its demand forecasting accuracy? What specific analytics models and algorithms can be applied to address the challenges posed by market trends and seasonality?
2. In the context of demand forecasting, how can predictive analytics contribute to proactive inventory management strategies for TechGad Solutions? What real-time data sources and external factors should be considered in the analytics model to ensure accurate predictions?