"With the rush of so-called “big data” - notably the escalation of real-time data - now available for demand forecasting, new toolsets are required to drive advanced inventory planning. Such tools are now available: They synthesize massive amounts of data - much of it real-time - such as multiple customer point-of-sale (POS) data streams, variables related to weather conditions, economic indicators, sales of competing products, social media hype, and a host of additional indicators. The Journal of Business Forecasting notes that demand sensing sorts out the flood of data in a structured way to recognize complex patterns and to separate actionable demand signals from a sea of “noise.”
Demand sensing technology has already been adopted by companies that are recognized as having the most progressively managed supply chains. Indeed, investments in demand sensing solutions are growing more rapidly than supply chain spending in general.
According to a recent IDC Marketscape assessment of sensing and planning vendors published in September 2013, demand sensing initiatives accounted for 8.5 percent of supply chain spending in 2013, and are expected to reach 8.7 percent in 2015 ." ()