What is demand forecasting in supply chain management

In Supply Chain Management reducing inventory is a critical component of cost control. While there are many methods for reducing inventory, one of the primary ones is demand forecasting – trying to obtain an accurate picture of what demand will look like in the future.

Approaches to demand forecasting vary, but generally fall into one of two categories:

• Quantitative Forecasting

• Qualitative Forecasting

Quantitative forecasting utilizes statistical models to predict future values. These models may take into account current and historical trends.

Inbound and Outbound Logistics management - Safeducate

Logistics can be easily divided into two parts

1. Inbound logistics. 
2. Outbound logistics. 

Inbound Logistics takes care of parts like Sourcing, Expediting and then receiving the goods that comes to the organization. Whereas, Outbound Logistics takes care of the warehouse, packaging the product and ensuring the smooth transportation from the organization.

What Is Supply Chain Management - Safeducate

Supply Chain Management :- 

Supply Chain Management is an effective and detailed system which is used by small and large organizations to get various commodities for the customers, also like getting raw materials, various aspects of manufacturing also ensuring that the end product reaches the end user A well functional Supply Chain Management system includes using the operations to the best of its ability and ensuring its fast and efficient. Supply Chain Management not only helps in Cost Reduction in the production or to ensure that operations are utilized to the best of its ability within an organization.

Some Major Function Included In Logistics Management - Safeducate

Logistics management is a check on supply chain management which aids organizations plan, manage and implement processes to work on the goods. Logistics management activities typically include inbound and outbound transportation management, fleet management, warehousing, materials handling, order fulfillment, logistics network design, inventory control, supply/demand planning and management of third-party logistics services providers.
 

The Importance of Supply Chain Management - Safeducate

What is supply chain management- How supply chain work

 

All the aspects of sourcing, procurement, conversion and logistics management, are the part of the supply chain management. Above all, it encompasses the coordination and collaboration with the parties like suppliers, intermediaries, distributors and customers. Supply Chain Management, it is a term which refers to the connect, the suppliers to the end consumer. It has been noticed that there is a drastic change in the manner in which business was conducted many years ago and now. Due to the innovation in technology in many years, a major development has happened in all the important spheres of the business,

  

Supply Chain Management also evolved as an improvement over Logistics Management, from past years. Logistics is a word practised in the military for the maintenance, storage and transportation of army persons and goods. It has also been said that SCM is an addition over Logistics Management as well as SCM comprises of logistics. Both are inseparable.