When forecasting demand for new products, I start by analyzing market trends, competitor offerings, and historical data from similar products. I then use statistical models, such as time series analysis, to predict future demand. Additionally, I gather insights from sales teams and customer feedback to adjust the forecast. This holistic approach ensures that the forecast is both data-driven and responsive to real-world variables, leading to more accurate predictions and better inventory management.

Discrepancies between forecasts and actual sales are inevitable. When they occur, I first identify the root cause, whether it's a market shift, promotional activity, or data error. I then adjust my forecasting models accordingly and communicate with stakeholders to align expectations. Continuous monitoring and regular review of forecasting methodologies help in minimizing future discrepancies and improving accuracy.

I am proficient in various demand planning tools and software, including SAP APO, Oracle Demantra, and Microsoft Excel for advanced analytics. These tools help in creating detailed forecasts, managing inventory levels, and integrating data from different sources. My experience with these platforms allows me to efficiently analyze data, identify trends, and make informed decisions to optimize supply chain operations.

Effective collaboration with departments like sales, marketing, and supply chain is crucial for accurate demand planning. I regularly engage with these teams through meetings, workshops, and data-sharing sessions to gather insights and align on goals. By understanding their perspectives and challenges, I can refine forecasts and ensure that all parties are working towards a common objective. This collaborative approach enhances the accuracy of demand planning and supports overall business strategy.

One challenging scenario involved a sudden market shift due to economic changes. Initially, my forecasts were off, leading to inventory imbalances. To resolve this, I quickly re-evaluated my forecasting models, incorporating new economic indicators and adjusting for the market shift. I also increased the frequency of communication with stakeholders to manage expectations and adjust supply chain operations in real-time. This proactive approach helped in mitigating risks and aligning inventory with the new market reality.