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Till now, we discussed how important it is to understand consumer taste and preferences. But how do companies find the exact market demand or market trends? This is done by demand management. Without proper market analysis, the provision of IT services will occur improperly, leading to a loss of money and time for the IT provider.
What is ITIL Demand Management?
ITIL is an infrastructure that provides a set of best practices for IT services. It gives accurate guidance and information on which mix of services would fulfill their requirements. It is also the top grade in quality. Demand management is a process under service strategy that aids in analyzing the market demand and customer taste and preferences. This data is implemented in the process of building new IT services. Demand management is a strategic process.
It is divided into two distinct sub-processes:
The Pattern of Business Analysis (PBA)
Business analytics are business tools used to know how consumers are operating in the market and how the trends have changed.
Tactical Level Demand management
Changing prices for certain IT services at different times tests how the market reacts to different IT services. This allows the provider to realize the price at which IT services are most in-demand and yield relatively maximum revenue.
ITIL Demand Management Objectives
Challenges of ITIL Demand Management
- Wrong analysis may lead to improper use of available resources and spare capacity. Thus, a demand manager who is leading the process must have access to proper tools and research teams/software that can accurately complete the analysis.
- Proper support, agreements, and forecasting are required to foresee what can take place in the market and what can sell well.
- This process is time-consuming but must be done properly to enhance the service strategy and ensure that it stays workable even with different demand trends.