Do you have experience in using external data purchased from information, data and market measurement firm for Demand Sensing?
Would it help Demand Sensing to generate better forecast?
Otherwise, what is the input you would recommend.
It depends on the signals which you want to input to demand sensing.
Demand sensing will consider multiple internal and external signals to predict the short-term fulfilments. When we input multiple external signals make sure that data which you feed has meaningful indications.
Customer can get the better forecast when they use open orders, shipments, and mid-term forecast along with market conditions (external signals). IBP Demand 2302 release has better usability options to view the external signals impact on short term forecast. It is easy to understand the patterns and what basis forecast generated by ML algorithm.
Additional note ML algorithms will produce better forecast when customer has longer periods of history.