Do you battle demand fluctuations in your business daily? Are you looking for the best books on demand planning and forecasting? Demand is a critical puzzle that must be predicted. Most firms, from startups to multinationals, must address this question.
Demand planning and forecasting are more critical than ever in the current fast-paced market climate, marked by highly variable customer tastes and an extremely complicated supply chain that is being experienced for the first time. This crucial business function guarantees excellent operational effectiveness and significantly boosts customer happiness and financial outcomes.
Thus, professionals who have charted these seas are needed to navigate them. The correct tools and advice make all the difference when refining your methods as a pro or learning the basics as a beginner.
These books will help. We reviewed hundreds of books and selected the finest for you—books with practical guidance, innovative ideas, and case studies.
Lists of Best Books on Demand Planning and Forecasting
- Fundamentals of Demand Planning and Forecasting by Dr. Chaman L. Jain and Jack Malehorn.
- Demand Forecasting Best Practices by Nicolas Vandeput.
- Demand Management Best Practices: Process, Principles, and Collaboration by Colleen Crum and George Palmatier.
1. Fundamentals of Demand Planning and Forecasting by Dr. Chaman L. Jain and Jack Malehorn.
This comprehensive book, originally published in 2001 and updated in 2012, covers practically every topic a demand planner needs to know.
Key points:
- Discusses different forecasting models in simple terms and how to use forecasts in business planning126 effectively
- Covers the evolution of forecasting processes from silo forecasting to consensus forecasting, S&OP, CPFR, and IBP, describing how each improves upon the previous.
- Provides many real-life cases and examples to illustrate the concepts.
- Emphasizes the importance of using forecasts, not just generating them, by explaining how to report, present, and sell them to management.
- Discusses critical performance indicators that should be used and how to improve forecasts.
- Highlights standard worst practices so companies can recognize and address them.
- Discusses criteria for selecting forecasting software systems.
- Serves as the official textbook for IBF’s Certified Professional Forecaster (CPF) certification.
The book is laid out like a textbook with highlighted articles, case studies, review questions, and suggested readings. It strips down the technical subject into essential elements explained clearly to practitioners at all levels.
2. Demand Forecasting Best Practices by Nicolas Vandeput.
This new book, published in 2023, teaches how to become an expert demand forecaster to help organizations optimize inventory and gain a competitive advantage.
Key points:
- Provides a 5-step framework for demand planning excellence that can be tailored to any company.
- Covers forecasting tools, metrics, models, and stakeholder management techniques proven in natural business environments.
- It uses illustrations and examples to make concepts easy to understand and implement.
- Shows how to lead teams to improve forecast quality while reducing workload.
- Demonstrates using intelligent KPIs to track accuracy and bias and identify areas for improvement.
- Discusses determining relevant data to collect and best collection methods
- Covers utilizing different statistical and machine-learning models.
The book aims to be an indispensable guide offering a clear path to success in demand planning for practitioners, leaders, and data scientists. Early reviews praise it as practical, accessible, and insightful.
Read: Top 15 Best Books On Sales And Business Development
3. Demand Management Best Practices: Process, Principles, and Collaboration by Colleen Crum and George Palmatier.
This is one of the best books on demand planning and forecasting. This book from 2003 outlines an effective demand management process tied to integrated business planning to give organizations a competitive edge.
Key points:
- Presents fundamentals for developing reliable forecasts and schedules and building collaborative relationships.
- Shows how effective demand management contributes to revenue growth, lower inventory, and increased margins.
- Addresses often overlooked elements like technology, human factors, and decision-making and put them in proper perspective.
- Includes case examples illustrating concepts and best practices, with end-of-chapter scenarios to spur further thought.
- Provides answers to FAQs and complex issues while tackling myths related to forecasting and planning.
- Offers insights on applying best practices to develop forecasts, reduce uncertainty, reach consensus, and collaborate with supply chain partners.
The authors aim to document evolving best practices so companies don’t have to “reinvent the wheel” and can continue improving their demand management processes.
A few other notable books are mentioned Below.
1. Bricks Matter by Lora Cecere
This book, published in 2012, shows how companies can leverage their supply chains to build sustainable market advantage.
Key points:
- Demonstrates how supply chain excellence is fundamental for delivering corporate growth objectives.
- Guides on identifying and translating market risks and opportunities into winning supply chain tactics.
- Uses business cases to illustrate how business leaders are building market-driven value networks.
- Explains how to apply predictive analytics for better management of value networks.
- Discusses the evolution of supply chain processes over three decades and the role of technology as a significant driver.
- They were authored by Lora Cecere, a supply chain visionary who helped over 800 companies improve their operations.
The book aims to help business leaders understand the criticality of supply chains to corporate success and how to achieve market-driven supply chain excellence.
2. Predictive Analytics for Business Forecasting & Planning by Eric Wilson
Published in 2020, this groundbreaking book is designed for professionals looking to leverage predictive analytics in demand planning.
Key points:
- Introduces predictive analytics techniques, methodologies, and technologies that forecasting and planning professionals can use.
- It covers fundamental concepts of predictive analytics and how to integrate them into existing planning processes.
- Discusses people, processes, analytics, and technology, focusing on building data-driven organizations.
- Underscores the critical role predictive analytics plays in driving business value.
- Offers a complete overview of the latest demand planning, business forecasting, and predictive analytics concepts and applications.
- Eric Wilson, an award-winning predictive analytics and business planning innovator, author, and speaker, authored them.
The book is the perfect guide for professionals who want to improve their skills for the new era of Demand Planning 2.0.
3. Handbook of Demand Planning by Jay Sharma
This handy guide, originally published in 2012 with a 2nd edition in 2015, focuses on key concepts and elements of demand planning.
Key points:
- Concentrates on business processes rather than statistics, forecasting, or systems.
- Provides a concise overview of demand planning principles and practices.
- Serves as a quick reference for demand planners and managers.
- It uses simple language to explain demand planning concepts.
At 240 pages, the book aims to be an easily digestible handbook for practitioners to quickly grasp the essentials of demand planning.
4. Demand Forecasting for Managers by Enno Siemsen
This 2016 book is designed as a first introduction to demand forecasting for non-experts such as managers and business students.
Key points:
- It covers subjects such as uncertainty, forecasting models, and error measures in an easy-to-understand manner.
- Discusses industry topics such as Sales & Operations Planning (S&OP).
- Provides a concise overview of crucial demand forecasting concepts.
- It aims to familiarize managers overseeing forecasting groups or MBA students with the fundamentals.
The book has received positive reviews for being very well structured and covering the basics of forecasting in a business context.
The IBF (Institute of Business Forecasting & Planning) also publishes proceedings and workshop manuals from their conferences on business forecasting best practices, which can serve as additional references.
Conclusion
These best books on demand planning and forecasting provide comprehensive guidance on demand planning and forecasting best practices, from fundamental concepts to advanced techniques, focusing on real-world applications to drive better business outcomes. They serve as valuable references for practitioners looking to enhance their skills and processes at all levels. How you find this article let me know in the comment box.
FAQ
4 Crucial Elements of Demand Planning
Demand forecasting, Inventory management, Collaboration with stakeholders, and Data analysis are four crucial elements of demand planning.
How to Become a Demand Planner
To become a demand planner, you typically need a Bachelor’s degree in a related field, such as supply chain management, business, or statistics. Gain experience in roles related to demand planning and consider obtaining certifications like APICS CPIM or IBF CPF.
3 Major Activities of Demand Planning
The three significant activities of demand planning are demand forecasting, inventory planning, and collaboration with stakeholders.
Key Topics in Fundamentals of Demand Planning
Some key topics covered in demand planning and forecasting fundamentals include forecasting methods, inventory management, market trend analysis, and strategic decision-making.
Best Practices for Demand Forecasting
Some best practices for demand forecasting include using historical data, considering external factors, collaborating with different departments, implementing demand planning tools and technologies, and continuously reviewing and adjusting forecasts.