Demand Sensing Definition
In the business world, demand sensing is the process of gathering and analyzing data to get a real-time understanding of customer demand. This information can be used to make decisions about production, inventory, pricing, and other factors that affect the supply chain.
Demand sensing can be done using a variety of methods, including surveys, customer interviews, focus groups, social media listening, and data analysis. The goal is to collect as much data as possible and then use it to identify patterns and trends. This information can help businesses adjust their strategies in order to better meet customer needs.
While demand sensing has traditionally been used by manufacturing companies, it is now being adopted by businesses in other industries as well. Retailers, for example, are using demand sensing to understand how changes in the economy or weather might affect customer buying habits. By gathering data and analyzing it in real time, businesses can be more agile and responsive to changing conditions.
The term “demand sensing” was first coined by Gartner in 2006. Since then, the practice has gained popularity as more and more companies strive to stay ahead of the competition.
