10 Best Demand Forecasting Software in 2021 [Free & Paid]

Introducing Demand Forecasting Software for Business Forecasting Needs

Sobat Canggih, as we all know, forecasting is the backbone of any business. Whether it’s production or sales, forecasts are the building blocks that help companies keep moving forward. And with the advancement in technology, forecasting has become more accurate than ever. One such technological invention that has revolutionized the field of forecasting is Demand Forecasting Software. In this article, we will be discussing the best 10 Demand Forecasting Software for the year 2021. So, stay tuned as we explore the pros and cons of these ten software and help you choose the best one for your business needs.

What is Demand Forecasting Software?

Demand Forecasting Software is a type of software that predicts future demand for products or services. It uses the statistical data of past sales trends, market data, and other relevant data to make the most educated guess about the future demand for a product or service. Demand Forecasting Software is widely used in the manufacturing and retail industry to make informed decisions about inventory, production, and sales.

With a variety of demand forecasting software available in the market, it can be challenging to choose the one that suits your business needs. In this article, we will review the best 10 demand forecasting software in the market to help you make an informed decision.

The Pros and Cons of Demand Forecasting Software

Pros:

Advantages	Description
Accuracy	Demand Forecasting Software provides accurate forecasts that help businesses plan their inventory, production, and sales.
Efficiency	It saves time and effort as it can analyze vast amounts of data in a matter of seconds.
Real-Time Forecasting	It provides real-time forecasting, which helps businesses take quick and informed decisions.
Customizable	Demand Forecasting Software is customizable, and it can be tailored to suit specific business needs.
Cost-Effective	As it eliminates the need for hiring professional forecasters, it is a cost-effective solution for businesses.

Cons:

Disadvantages	Description
Dependence on Historical Data	Demand Forecasting Software relies heavily on historical data, and any change in trends or patterns can render the forecast inaccurate.
Not 100% Accurate	Even with the latest technology, Demand Forecasting Software cannot guarantee 100% accuracy in forecasts.
Costly	Some of the Demand Forecasting Software can be quite expensive, which can adversely impact small businesses.
Difficult to Master	Learning how to use Demand Forecasting Software can be challenging for businesses that are not familiar with technology.

Top 10 Demand Forecasting Software in 2021

1. GMDH Streamline

GMDH Streamline stands out in the market with its user-friendly interface and easy-to-use features. It has a range of forecasting algorithms and can process data from CSV, Excel, and ODBC sources. In addition, it has a trial version that can be used free for 7 days. GMDH Streamline has received high ratings from users for its accuracy and ease-of-use.

2. SmartForecasts

SmartForecasts is another popular demand forecasting software with features like predictive analytics, demand planning, and inventory management. It uses complex algorithms to provide accurate forecasts, and its customizable dashboard provides a visual representation of data. SmartForecasts offers a free trial period of 30 days.

3. Demand Works

Demand Works is a cloud-based demand forecasting software that can be scaled to meet the forecasting needs of any business. It offers features like event modeling, scenario testing, and advanced analytics. It is used by businesses of all sizes and has been ranked highly by users for its ease of use.

4. Vanguard Predictive Planning

Vanguard Predictive Planning is an AI-powered demand forecasting software that uses machine learning algorithms to provide accurate forecasts. It has features like inventory optimization, capacity planning, and sales analysis, making it a complete solution for forecasting needs. Vanguard Predictive Planning offers a free demo and a trial period of 30 days.

5. SAS Advanced Analytics

SAS Advanced Analytics is a suite of products that offer a wide range of forecasting solutions. Its features include data mining, machine learning, and text analytics, which provide comprehensive insights into forecasting data. It is a popular solution for large businesses that require high-end forecasting software.

6. NeoGrid Demand Planning

NeoGrid Demand Planning is a cloud-based solution that offers advanced features like collaboration tools, inventory optimization, and demand sensing. It can analyze data from multiple sources, including ERP, POS, and CRM, to provide accurate forecasts. NeoGrid Demand Planning offers a free demo and a trial period of 30 days.

7. RELEX Solutions

RELEX Solutions is a demand forecasting software that is specifically designed for retailers. Its features include advanced forecasting analytics, seasonal pattern detection, and price optimization. It also has a user-friendly interface and can be customized to meet the specific needs of a business. RELEX Solutions offers a free demo and a trial period of 30 days.

8. John Galt Solutions

John Galt Solutions is a cloud-based demand forecasting software that offers features like predictive analytics, sales and capacity planning, and demand sensing. It is a scalable solution that can be used by businesses of all sizes. John Galt Solutions offers a free demo and a trial period of 30 days.

9. Infor Demand Planning

Infor Demand Planning is a cloud-based solution that provides advanced forecasting and demand planning features. Its features include scenario modeling, inventory optimization, and demand sensing. It is a popular solution for businesses in the manufacturing and distribution industry. Infor Demand Planning offers a free demo and a trial period of 30 days.

10. Logility Demand Planning

Logility Demand Planning is a cloud-based demand forecasting software that uses advanced analytics to provide accurate forecasts. Its features include inventory optimization, supply chain planning, and sales and capacity planning. It is used by businesses of all sizes and has a user-friendly interface. Logility Demand Planning offers a free demo and a trial period of 30 days.

Demand Forecasting Software FAQ

1. What is the difference between demand forecasting and sales forecasting?

Demand forecasting predicts the demand for a product or service, while sales forecasting predicts the sales volume of a product or service within a specific time frame.

2. Can demand forecasting software predict the future accurately?

No, demand forecasting software cannot predict the future with 100% accuracy. However, it provides a useful estimate of future demand based on past data trends and market analysis.

3. Do I need to be proficient in computer technology to use demand forecasting software?

While it is helpful to know the basics of software usage, most demand forecasting software have user-friendly interfaces that are easy to use, and extensive technical knowledge is not required.

4. Can demand forecasting software integrate with other business management software?

Many demand forecasting software can integrate with other business management software, including ERP, POS, and CRM systems.

5. Can demand forecasting software be customized for specific business needs?

Yes, most demand forecasting software can be customized to meet specific business needs.

6. Can demand forecasting software be used for all types of businesses?

Yes, demand forecasting software can be used by businesses of all sizes and types, including manufacturing, retail, and distribution.

7. How often should I update the data used by demand forecasting software?

It is best to update the data used by demand forecasting software regularly. How often this is done depends on the type of business and the frequency of change in the market conditions.

The Conclusion: Choose the Best Demand Forecasting Software for Your Business

In conclusion, choosing the right demand forecasting software is crucial for a business as it can have a significant impact on inventory, production, and sales decisions. We have reviewed the top 10 demand forecasting software in 2021, and each software has its own set of pros and cons. However, after considering all the factors, we suggest that you try GMDH Streamline and SmartForecasts as they offer a range of features and functionalities that cater to the needs of all types of businesses. Ultimately, the choice of software depends on your business needs and budget.

Sobat Canggih, we hope this article helps you gain an understanding of demand forecasting software and guides you in choosing the best one for your business. Remember to consider the pros and cons, read reviews, and take advantage of free trials before making a final decision.

Disclaimers:

Information provided in this article is for educational purposes only. The writer is not affiliated with any of the software mentioned in this article and does not receive any compensation from them. The writer is not responsible for any decision taken by the reader based on the information provided in this article. Readers are advised to do their own research and seek professional guidance before making any decision.

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