In business, demand works in tandem with supply to drive growth, profits, and reinvestment. Mapping and preparing for increasing demand is relevant to all companies and the expectation of phenomenal growth once a certain critical mass of customers is reached. Keeping up is essential; the more you disappoint customers with late deliveries or poor customer service, the more damage you’ll be doing to your brand’s reputation. This article examines four ways in which enterprises manage their demand, ensuring that their custom is never overwhelming, and never too low for the number of resources invested.
Financial and trade forecasting can sometimes feel like wading through your data without any kind of idea as to how to map it out. You may have drawn up some wonderfully enlightening charts and graphs to show the predicted increase in trade based on your previous quarter, but you’ll also be aware, no doubt, that things rarely turn out as predicted. Still, you should use all the projection and forecasting skills at your disposal to create a loose guide from which you’ll be able to extrapolate future peaks in demand. Being prepared means keeping up with increases.
2. Business Relationships
Sometimes, the delivery of your product or services is reliant on other companies and their own operative prowess. If you’re a part of a supply chain, for instance, maintaining excellent working relationships with other business leaders will help you get the most out of your partnerships. Keep in contact with CEOS, directors or managers in these companies so that if you experience a sudden boost in demand, you’ll be able to communicate this to the other parts of your supply chain, and they’ll help you pick up the slack in times of peak trade.
3. Real-Time Data
The best way to keep up with demand is to have intuitive systems in place, while also focusing on real-time data and how to use it to your advantage. Utilizing a B2B vendor portal, such as those offered by Weaveability, a business can work coherently with their suppliers by sharing real-time data to help forecast future demand, amend and confirm purchase orders and make instantly visible updates. Automating key processes within your supply chain improves supplier collaboration, reduces costs and ultimately drives procurement efficiency.
4. Human Resources
Sometimes even with the best-laid plans fail, and you still find yourself woefully understaffed when peaks in business arrive. The good news is that you can bring temporary workers on board in a heartbeat thanks to agencies that smart enterprises take the time to build relationships with. Even if you only need a team member to do some filing and data entry for a week or so, you may well be able to get a competent individual in and working for you within a couple of days, lightening the workload for the rest of your staff.
Peaks in demand are welcome to businesses, but keeping up with these peaks takes planning, flexibility, and coordination – all of which are key to the tips given above.