Accurately forecasting demand, especially for new products like electric vehicles, is critical yet tedious. The panelists offered a toolbox of solutions. Scott championed the importance of analyzing customer data to predict what kind of inventory companies would need. “We get our demand directly from customers,” he explained, “but we also need to predict inventory management. How close can we get to delivering exactly what customers need, when they need it? That’s why we use tools and solutions to streamline communication and planning.”

“Seasonality and single-sourced products make forecasting a challenge. We often end up with excess inventory, tying up cash flow,” said Neil, highlighting the need to optimize inventory. Erica suggested combining historical sales data with market research to get a more nuanced picture of future demand, not just relying on past trends.