Sourcing and Supply Chain

In the 21 st century of a dynamic market and cutthroat competition, the world has witnessed many inventions and trends which have changed the concept of the market from offline to online. E-commerce, virtual markets and internet have made market from local to global. However, the only thing which has not changed is the driving force of the economy and market - “Demand”.  In simple words, Demand is a consumer’s desire and ability to purchase goods or hire services. Consumer’s “Want” becomes “Demand” when it is backed up purchasing power. For any given product, there may be Independent demand, Dependent demand, Inter/Intracompany demand and Service parts demand. Generally, organizations are forecasting independent and sometimes service parts demand, but all types of demand have to be planned for an organization’s supply chain processes to ensure availability when needed. On one hand “Demand” is the driving force for market and easy to understand, whereas on another h