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Are All Products Created Equal? Utilizing Multiple Forecasting Methods to Increase Forecast Accuracy
Are All Products Created Equal? Utilizing Multiple Forecasting Methods to Increase Forecast Accuracy
Demand Planning and Forecast Accuracy
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Demand planning and forecasting serve as the centralized repository of intelligence for marshaling resources to cost-effectively respond to future demand. In order to ensure optimal demand forecasting, those in distribution-intensive industries must use the forecasting methods that best serve the unique dynamics of their business at a specific moment in time.
All products are not created equal–nor does one model fit today's conditions as well as tomorrow's. Advanced demand planning and forecasting systems automate many of the tasks and functions required to select, model and generate multi-echelon forecasts, lifting the burden of manually intensive approaches (Bayesian forecasting, spreadsheets). At the same time, such systems provide knowledgeable users with intuitive features for weighting various calculation factors to incorporate their personal expertise in generating forecasts.
This white paper highlights seven forecasting models that comprise the engines of the
Logility Voyager Solutions suite. It outlines how each model is best suited to the specific forecasting requirements of varying supply chain scenarios, and how collectively they provide a powerful and comprehensive solution that empowers an intelligent and adaptive solution for achieving optimal supply chain performance under dynamic market conditions.
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