Demand Planning and Forecasting Manager in Rhode Island Career Overview

As a Demand Planning and Forecasting Manager, your primary responsibility revolves around predicting consumer demand for products and services. This role is essential in ensuring that the right amount of inventory is available at the right time, thus minimizing costs while maximizing customer satisfaction.

Key aspects of this role include:

  • Data Analysis: You will analyze historical sales data and market trends to understand demand patterns and consumer behavior, which plays a significant role in making informed decisions.

  • Collaboration: Working closely with various departments such as sales, marketing, and operations is vital. You will ensure alignment between forecasted demand and supply chain capabilities, impacting production schedules, inventory levels, and overall business strategy.

  • Forecasting Techniques: Utilizing statistical tools and software, you will implement various forecasting methodologies to develop accurate projections. This involves both quantitative analysis and qualitative insights, adjusting forecasts based on changes in the market.

  • Inventory Management: Effective management of inventory is part of your responsibility. This includes setting optimal inventory levels to reduce excess stock while preventing stockouts, helping to streamline operations and reduce costs.

  • Performance Monitoring: Continuous assessment of forecasting accuracy and performance metrics will be part of your routine. You will identify discrepancies between forecasted and actual demand, enabling you to refine forecasting processes continuously.

  • Strategic Decision-Making: Your insights will drive strategic decisions, impacting production plans and marketing strategies. By influencing key business strategies, you will help position the company competitively in the market.

In Rhode Island's dynamic business landscape, the Demand Planning and Forecasting Manager plays a vital role in ensuring that businesses remain agile and responsive to market needs, contributing significantly to operational efficiency and customer satisfaction.

Demand Planning and Forecasting Manager Salary in Rhode Island

Annual Median: $82,750
Hourly Median: $39.78

Data sourced from Career One Stop, provided by the BLS Occupational Employment and Wage Statistics wage estimates.

Required Education To Become a Demand Planning and Forecasting Manager in Rhode Island

To become a Demand Planning and Forecasting Manager, you typically need to pursue higher education in relevant fields. Consider the following degree programs:

  • Bachelor’s Degree in Business Administration and Management: This program provides a fundamental understanding of business principles, management strategies, and organizational behavior, which are essential for effective demand planning.

  • Bachelor’s Degree in Business Analytics: A focus on data analysis, statistical modeling, and predictive analytics will equip you with the skills required to interpret market trends and forecast demand accurately.

  • Bachelor’s Degree in Supply Chain Management: This degree covers the entire supply chain process, from procurement to logistics, allowing you to understand the flow of goods and the impact of demand forecasting on overall supply chain efficiency.

  • Bachelor’s Degree in Operations Management and Supervision: This program prepares you to manage operations effectively, including production planning, inventory control, and quality assurance, all of which are relevant to demand management.

  • Bachelor’s Degree in Applied Statistics: Specialized knowledge in statistics will help you develop strong analytical skills necessary for assessing historical data and making informed demand forecasts.

In addition to a bachelor’s degree, obtaining a master's degree, such as an MBA with a concentration in supply chain management, can further enhance your qualifications and career prospects. Professional certifications like APICS Certified in Planning and Inventory Management (CPIM) or Certified Supply Chain Professional (CSCP) can also provide valuable training and recognition in the field.

Best Schools to become a Demand Planning and Forecasting Manager in Rhode Island 2024

#1Maricopa County

University of Phoenix-Arizona

Phoenix, AZ

In-State Tuition:$9,552
Out-of-State Tuition:$9,552
Admission Rate:N/A
Graduation Rate:18%
Total Enrollment:88,891
#2Merrimack County

Southern New Hampshire University

Manchester, NH

In-State Tuition:$15,000
Out-of-State Tuition:$15,000
Admission Rate:96%
Graduation Rate:41%
Total Enrollment:164,091
#3Salt Lake County

Western Governors University

Salt Lake City, UT

In-State Tuition:$7,404
Out-of-State Tuition:$7,404
Admission Rate:N/A
Graduation Rate:49%
Total Enrollment:156,935
#4El Paso County

Colorado Technical University-Colorado Springs

Colorado Springs, CO

In-State Tuition:$12,036
Out-of-State Tuition:$12,036
Admission Rate:N/A
Graduation Rate:20%
Total Enrollment:24,808
#5Maricopa County

Grand Canyon University

Phoenix, AZ

In-State Tuition:$16,407
Out-of-State Tuition:$16,407
Admission Rate:78%
Graduation Rate:45%
Total Enrollment:101,816
#6Lynchburg City

Liberty University

Lynchburg, VA

In-State Tuition:$15,467
Out-of-State Tuition:$15,467
Admission Rate:99%
Graduation Rate:66%
Total Enrollment:96,709
Demand Planning and Forecasting Manager Job Description:
  • Direct or coordinate production, purchasing, warehousing, distribution, or financial forecasting services or activities to limit costs and improve accuracy, customer service, or safety.
  • Examine existing procedures or opportunities for streamlining activities to meet product distribution needs.
  • Direct the movement, storage, or processing of inventory.

Demand Planning and Forecasting Manager Required Skills and Competencies in Rhode Island

  • Analytical Skills: You need the ability to analyze data, identify trends, and make data-driven decisions that influence demand and inventory management.

  • Forecasting Techniques: Familiarity with various forecasting methods, such as quantitative and qualitative approaches, is essential to accurately predict future demand.

  • Supply Chain Knowledge: Understanding the end-to-end supply chain process will help you collaborate effectively with other departments and manage inventory levels.

  • Technical Proficiency: You should be adept with demand planning software, ERP systems, and other data management tools that facilitate accurate forecasting and reporting.

  • Communication Skills: Strong verbal and written communication skills are important to convey complex data insights to stakeholders at all levels.

  • Problem-Solving Abilities: You must be able to anticipate potential challenges and devise strategies to mitigate risks associated with demand fluctuations.

  • Attention to Detail: Accuracy is critical in data analysis and forecasting. You should ensure data integrity and consistency to support effective planning.

  • Team Collaboration: The ability to work collaboratively with sales, marketing, finance, and operations teams is necessary to align demand plans with business objectives.

  • Project Management: You will often handle multiple projects simultaneously, so effective project management skills are necessary to keep initiatives on track.

  • Adaptability: The demand landscape can change rapidly, requiring you to adjust forecasts and plans in response to market conditions and consumer behavior.

  • Statistical Knowledge: Understanding statistics and probability will help you apply relevant mathematical models for demand forecasting effectively.

  • Business Acumen: A solid grasp of business principles enables you to make informed decisions that align with organizational goals and customer needs.

Job Market and Opportunities for Demand Planning and Forecasting Manager in Rhode Island

The job market for Demand Planning and Forecasting Managers in Rhode Island is characterized by a steady demand that reflects the evolving needs of various industries. Several factors contribute to the opportunities available in this field, making it a promising career path for professionals.

  • Increasing Demand: As businesses in sectors such as retail, manufacturing, and logistics strive for efficiency, the need for Demand Planning and Forecasting Managers has grown. Companies recognize that accurate demand forecasting is essential for optimizing inventory levels, reducing costs, and improving customer satisfaction.

  • Growth Potential: The growth potential for this role is significant, as organizations increasingly rely on data-driven decision-making. The integration of advanced analytics and technology in demand planning is driving the need for skilled managers who can navigate and leverage these tools effectively.

  • Geographical Hotspots: In Rhode Island, several regions are particularly notable for job opportunities in demand planning. The Greater Providence area stands out due to its concentration of retail and manufacturing companies. Additionally, areas that host distribution centers or logistics firms frequently seek professionals in this field.

  • Industry Diversification: Demand Planning and Forecasting Managers find opportunities across various industries, including food and beverage, healthcare, consumer goods, and e-commerce. This diversity offers you flexibility in choosing a sector that aligns with your interests and expertise.

  • Networking Opportunities: Rhode Island boasts several professional organizations and networking events designed for supply chain and logistics professionals. Engaging with these communities can enhance your visibility in the job market and provide access to potential job openings.

  • Impact of Technology: The rise of digital tools and platforms for data analysis continues to evolve the demand planning field. Companies investing in modern forecasting technology create more opportunities for professionals skilled in both traditional methods and innovative approaches.

In summary, the job market for Demand Planning and Forecasting Managers in Rhode Island is robust, driven by demand from various industries and technological advancements. By exploring opportunities in key regions and leveraging professional networks, you can position yourself for a successful career in this dynamic field.

Top Related Careers to Demand Planning and Forecasting Manager 2024

Logistics Operations Manager
Inventory Control Director
Procurement and Supply Chain Director
Warehouse and Distribution Manager

Additional Resources To Help You Become a Demand Planning and Forecasting Manager in Rhode Island

  • Association for Supply Chain Management (ASCM)
    Explore professional development, industry research, and networking opportunities.
    Website: ASCM

  • Institute for Supply Management (ISM)
    Access publications and resources on supply chain management, including demand forecasting.
    Website: ISM

  • Kansas State University – Supply Chain Management Program
    Offers online courses and resources focused on supply chain management skills and tools.
    Website: K-State SCM

  • American Production and Inventory Management (APICS)
    Check out certifications and resources related to demand planning and inventory management.
    Website: APICS

  • Supply Chain Management Review
    Stay updated with articles, insights, and research on the latest trends and best practices.
    Website: Supply Chain Management Review

  • MIT Center for Transportation and Logistics
    Access cutting-edge research and educational programs related to supply chain and logistics.
    Website: MIT CTL

  • Demand Planning Best Practices on LinkedIn
    Join groups to connect with professionals, share insights, and learn about demand planning strategies.
    Website: LinkedIn Groups

  • World Economic Forum - Supply Chain and Transport
    Review reports and articles on global supply chain trends and practices.
    Website: WEF

  • Harvard Business Review
    Read articles related to management practices, including demand forecasting and operational strategies.
    Website: HBR

  • Forecasting & Supply Chain Management Journal
    Discover peer-reviewed research articles focusing on demand forecasting techniques and findings.
    Website: Forecasting Journal

These resources will enhance your knowledge and support your career development as a Demand Planning and Forecasting Manager in Rhode Island.

Frequently Asked Questions (FAQs) About Demand Planning and Forecasting Manager in Rhode Island

  • What qualifications do I need to become a Demand Planning and Forecasting Manager?
    Typically, you will need a bachelor's degree in supply chain management, business administration, statistics, or a related field. Advanced degrees or certifications in demand planning or data analytics can enhance your expertise and job prospects.

  • What skills are important for a Demand Planning and Forecasting Manager?
    Key skills include analytical and critical thinking, proficiency in forecasting software and tools, strong communication abilities, and knowledge of inventory management principles. Leadership skills are also essential for managing teams and coordinating with other departments.

  • What industries hire Demand Planning and Forecasting Managers?
    You can find opportunities in various sectors, including retail, manufacturing, healthcare, logistics, and food service. Companies in consumer goods and e-commerce platforms also often require demand planning expertise.

  • What are the primary responsibilities of a Demand Planning and Forecasting Manager?
    Your main responsibilities will include analyzing historical data, forecasting future demand, coordinating with sales and marketing teams, managing inventory levels, and ensuring that production aligns with demand forecasts.

  • What software tools are commonly used in demand planning?
    You will likely work with advanced planning and scheduling software such as SAP IBP, Oracle Demand Management Cloud, Microsoft Dynamics, and various Excel tools for data analysis and visualization.

  • What is the average salary for a Demand Planning and Forecasting Manager in Rhode Island?
    Salaries can vary based on experience and company size but typically range from $80,000 to $120,000 per year. Additional bonuses or incentives may be offered depending on company performance.

  • How does one advance in this career?
    Gaining additional experience through hands-on roles, obtaining certifications, and continuously updating your skills in analytics and technology will help you advance. Networking within the industry and seeking mentorship can also open new opportunities.

  • Is remote work common in this field?
    While some demand planning roles may require in-office presence, many companies offer flexible work arrangements or remote opportunities, especially in light of recent shifts in workplace dynamics.

  • What challenges do Demand Planning and Forecasting Managers face?
    You might encounter challenges such as unpredictable market trends, changes in customer behavior, supply chain disruptions, and the need for accurate data analysis. Staying adaptable and utilizing advanced forecasting methods can help mitigate these issues.

  • Can I transition into Demand Planning and Forecasting from another career?
    Yes, transitioning is possible, especially if you have a background in data analysis, supply chain management, or operations. Gaining relevant experience and pursuing additional training or certifications can facilitate this career shift.