Food Manufacturing Industry Overview
The food manufacturing industry is expected to surpass USD 460 billion by 2022, driven by the surge in market conditions and technological progressions. Over the last decade, the food manufacturing industry has witnessed strong growth in terms of sales. And with the changing consumer preferences from processed foods to healthier choices, manufacturers can spice up their brands and tailor their products, or even introduce new products. Even though the food manufacturing industry’s growth is dependent on population growth, disposable income, and consumer’s tastes, certain factors including government regulations, efficiency, and the expansion of new products are challenging the food manufacturing industry’s growth.
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Importance of Demand Management for Businesses
Demand management is a type of supply chain management process that analyzes customers’ needs to determine the capabilities of the supply chain. With the appropriate demand management process in place, organizations can match supply with demand proactively and execute the plan with minimal disruptions. If the demand outstrips resources, businesses can improve production or alert consumers about the revised shipment times. If demand seems low, the sales and marketing team might develop promotions or push for a product launch.
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About the Client
The client is one of the leading food manufacturing companies in the world with branches spread across 100 countries across the globe.
To proactively respond to the shortcomings of traditional supply chain management, the food manufacturing industry client desired to incorporate demand planning practices to help predict future demand patterns and respond proactively to changing customers’ needs. Moreover, by partnering with Infiniti Research, the client wanted to implement a holistic end-to-end process that takes into account organizational designs, process designs, and data governance to address trends including specialization, globalization, and regional demands.
The demand management solution proposed by the experts at Infiniti Research helped the client accurately predict the product demand and fulfill customer orders. This helped the organization to prepare its budget accordingly, which resulted in better planning of costs. By analyzing the market demand, the firm was able to make predictions about sales and allocate resources accordingly.
Moreover, demand management allowed the organization to compare actual demand with the management’s expectations. Our demand management solution helped the company identify how far its demand forecast is off from actual demand and adjust its business models accordingly.
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