Forecasting demand and supply? Our experts can help explain how industry is trying to weather the storm of COVID-19.
Forecasting demand of any product for industry, manufacturing and even retail is already a difficult task. And now, amid a global pandemic that has seen some industries grind to a halt while others ramp up to keep up - means that measuring expectations about demand is key to corporate survival during these trying times.
We have not experienced a global pandemic like the coronavirus in last 100 years. The sheer increase in demand for everyday necessities like toilet paper, sanitary wipes and bottled water is putting undo stress on a lean global supply chain.
It is testing the agility of many retailers and consumer packaged goods (CPG) companies as they attempt to ramp up manufacturing facilities and logistical operations while struggling to keep up with consumer demand.
Business executives are looking to data, analytics, and technology for answers on how to predict and plan for the surge and, ultimately, the decline in consumer demand. It is significantly easier to shut down facilities than it is to quickly boost production and capacity.
The biggest unknown is whether there will be a delayed economic recovery or a prolonged contraction. Regardless of the outcome, retailers and their CPG suppliers will need to think ahead and be prepared to act quickly. March 25 – RIS News
There are so many angles and aspects of our daily life that need to be covered during the COVID-19 outbreak – and if you are a journalist looking at how business and industry are adapting during this crisis, the let our experts help.
Dr. Karen Sedatole is the Goizueta Advisory Board Term Professor of Accounting. She has conducted extensive research on forecasting and capacity management that can shed light on the challenges of responding to the current uncertain environment. Karen is available to speak with media – simply click on her icon to arrange an interview today.