TORONTO, Ont.–Teradata Corporation announced general availability of the newest version of Teradata Demand Chain Management, software that forecasts consumer demand and synchronizes retailers’ ability to meet it — by channel — by right-sizing inventory requirements across even the most complex supply chains. Teradata also announced availability of Teradata Demand Chain Management in the Cloud, a deployment option that enables data-driven retailers to take advantage of the solution’s forecast accuracy sooner, and without adding additional infrastructure, said a release.
Data-Driven Demand Forecasting
Today’s consumers expect to find the products they are looking for with ease, and to have sufficient choices regarding which shopping channel or purchasing method to use. As a data-driven forecasting, replenishment and allocation solution, Teradata Demand Chain Management gives businesses control over a vast network of paths between stores, distribution centers and vendors, while helping to minimize the total annual cost of their supply network. Support for multi-echelon supply chains enables retailers to optimize their supply chains and inventory levels without risking lost sales due to out-of-stocks.
Proven benefits to businesses using Teradata Demand Chain Management include increased customer satisfaction and retention; increased sales; increased margins; and improved labor productivity and execution, said the company. Because retailers deal with large volumes of customers, transactions, products and stores, even small improvements in forecast accuracy can yield higher sales and greater inventory productivity.
“A focus on omni-channel retailing is imperative today, and the most critical component for retailers is to have an accurate view of demand across all sales channels. Teradata Demand Chain Management, on premise or in the cloud, delivers the most accurate forecast for the retail industry where it counts, at whatever point of purchase suits the customer,” said Mardie Noble, vice president, Demand Chain Management Product Strategy & Engineering for Teradata.
Teradata Demand Chain Management links consumer demand with inventory levels and sales forecasts, by item, by location, weekly, and daily. These forecasts recognize historical performance, factor in seasonality, and respond automatically to the latest buying patterns and trends. The forecast is then combined with inventory and replenishment strategies to generate a suggested order to meet projected customer demand.