In the previous article we already talked about the importance of capturing demand from all the sources where it is generated, analyzing it completely and doing so for any product existing on the market.
But, what practical uses can we find for demand analysis?
Understand market needs. Perhaps the most important aspect of demand analysis is being able to understand what the real and precise needs of the market are. We can not only understand global demand, but also the individual needs of each of our clients.
Analyze product assortment coverage. The product assortment represents the products we offer to the market and it is crucial to know how well it is covering the demand, focusing on application segments we are interested in.
Analyze product sales potential. Before adding a product to our range, it is very important to analyze its current sales potential and future trends.
Detect major gaps. The incorporation of new products should be prioritized based on the rapid detection of gaps in our range with the greatest sales potential.
Analyze lost sales due to stock. When we analyze demand, we can also analyze whether or not we have stock at the time of the search. In this case, we are not analyzing gaps but stockouts.
Detecting non-competitive prices. All companies make price comparisons with their competitors, but a key factor in detecting non-competitive prices is comparing demand levels with sales levels.
Eliminate obsolete or potential obsolete products. By analyzing demand data over time, we can calculate trends and anticipate potential obsolete products.
Improve equivalences. By analyzing which part numbers are most commonly used to search for each product, we can improve the equivalences of our products.
As we can see, demand analysis provides very important uses that improve efficiency, profitability and sales in our company.
Our NEO system software offers you all the uses discussed in this article. If you want more information about NEO system, please contact us.
