{"id":6132,"date":"2024-10-17T09:17:21","date_gmt":"2024-10-17T09:17:21","guid":{"rendered":"https:\/\/www.factorydata.com\/?p=6132&amp;lang=en"},"modified":"2024-10-17T09:17:21","modified_gmt":"2024-10-17T09:17:21","slug":"applications-of-demand-analysis","status":"publish","type":"post","link":"https:\/\/www.factorydata.com\/en\/applications-of-demand-analysis\/","title":{"rendered":"Applications of demand analysis"},"content":{"rendered":"<h4>In the previous article we already talked about the <strong>importance of capturing demand from all the sources <\/strong>where it is generated, <strong>analyzing it completely<\/strong> and doing so for <strong>any product existing on the market.<\/strong><\/h4>\n<p>&nbsp;<\/p>\n<h4><a href=\"https:\/\/www.factorydata.com\/wp-content\/uploads\/2020\/02\/Demand-analytics.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-4595\" src=\"https:\/\/www.factorydata.com\/wp-content\/uploads\/2020\/02\/Demand-analytics.jpg\" alt=\"Businesswoman working on computer\" width=\"351\" height=\"234\" \/><\/a><\/h4>\n<h4><\/h4>\n<h4>But, <strong>what practical uses can we find for demand analysis?<\/strong><\/h4>\n<ul>\n<li>\n<h4><strong>Understand market needs<\/strong>. Perhaps the most important aspect of demand analysis is being able to <strong>understand what the real and precise needs of the market are<\/strong>. We can not only understand global demand, but also the individual <strong>needs<\/strong> of each of <strong>our clients<\/strong>.<\/h4>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<h4><strong>Analyze product assortment coverage<\/strong>. The product assortment represents the products we offer to the market and it is crucial to <strong>know how well it is covering the demand<\/strong>, focusing on <strong>application segments<\/strong> we are interested in.<\/h4>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<h4><strong>Analyze product sales potential<\/strong>. <strong>Before adding a product<\/strong> to our range, it is very important to<strong> analyze its current sales potential and future trends<\/strong>.<\/h4>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<h4>\u00a0<strong>Detect major gaps<\/strong>. The incorporation of new products should be prioritized based on the <strong>rapid detection of gaps in our range with the greatest sales potential<\/strong>.<\/h4>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<h4><strong>Analyze lost sales due to stock<\/strong>. When we analyze demand, we can also analyze <strong>whether or not we have stock at the time of the search<\/strong>. In this case, we are not analyzing gaps but stockouts.<\/h4>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<h4><strong>Detecting non-competitive prices<\/strong>. All companies make price comparisons with their competitors, but a key factor in detecting non-competitive prices is <strong>comparing demand levels with sales levels<\/strong>.<\/h4>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<h4><strong>Eliminate obsolete or potential obsolete products<\/strong>. By analyzing demand data over time, we can <strong>calculate trends and anticipate potential obsolete products<\/strong>.<\/h4>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<h4><strong>Improve equivalences<\/strong>. By analyzing which <strong>part numbers<\/strong> are<strong> most commonly used to search for each product<\/strong>, we can<strong> improve the equivalences of our products<\/strong>.<\/h4>\n<\/li>\n<\/ul>\n<h4><\/h4>\n<h4>As we can see,<strong> demand analysis<\/strong> provides very important uses that<strong> improve efficiency, profitability and sales in our company<\/strong>.<\/h4>\n<h4><\/h4>\n<h4>Our <strong>Neo system<\/strong> software offers you all the uses discussed in this article. If you want more information about NEO system, please <a href=\"https:\/\/www.factorydata.com\/en\/contact\/?lang=en\">contact <\/a>us.<\/h4>\n<p><a href=\"https:\/\/www.factorydata.com\/wp-content\/uploads\/2020\/02\/NEO-manager-screens-ENG.png\"><img decoding=\"async\" class=\"aligncenter wp-image-5764\" src=\"https:\/\/www.factorydata.com\/wp-content\/uploads\/2020\/02\/NEO-manager-screens-ENG.png\" alt=\"NEO manager screens ENG\" width=\"450\" height=\"182\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>By Joan Cab\u00f3s<br \/>\nCEO &amp; founder<\/p>","protected":false},"excerpt":{"rendered":"<p>In the previous article we already talked about the importance of capturing demand from all the sources where it is [&hellip;]<\/p>","protected":false},"author":1,"featured_media":6130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[20],"tags":[28,110,42,222,146],"class_list":["post-6132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-neo-en","tag-assortment-planning","tag-big-data","tag-market-demand","tag-market-demand-analysis","tag-neo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - 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