Demand management refers to a comprehensive set of procedures focused on managing the consumption of various products or services. It entails conducting a thorough assessment of demand to ascertain the most efficient consumption patterns, aiming to minimize overall costs.
This analysis of the demand for goods and services is done to optimize the resources and improve operational efficiency thereby ultimately reducing the costs.
Effective demand management helps in cost reduction, improving supply chain efficiency, optimizing supplier relationships, mitigating risks, and strategic decision-making.
