Forecasting and Demand Planning for a Better, Unified Future
Year after year, survey after survey, forecast accuracy continues to be one of the top metrics for measuring supply chain performance. There is a lot of pressure on planners to improve this important metric and while no plan will ever be 100 percent accurate (that would be an order after all), it is important to get as close as we can to help synchronize the supply chain and satisfy both our financial and service level objectives.
With the advances in machine learning and artificial intelligence (AI) we are now able to take in large volumes of both structured and unstructured data to derive meaningful insights that impact forecast accuracy. Russell Goodman, editor-in-chief at SupplyChainBrain, sat down with several supply chain leaders to discuss the impact of Forecast Accuracy on driving better decision making.
Hear from Citizen Watch America, Clarios, Finish Line,
Haggar Clothing Co., and Tillamook County Creamery Association.
These leaders discuss how a digital supply chain platform allows them to harness new demand signals, develop a more accurate plan that can be refined as needed and quickly model multiple scenarios with a supply chain digital twin. A digital platform can give you the ability to make decisions faster or to ensure the right inventory is placed when and where it has the greatest margin potential. You also have the opportunity to increase collaboration both with internal stakeholders as well as external trading partners, suppliers and customers. For example, as Elaine Videau of Tillamook County Creamery Association notes, “You can build a plan that drives supply chain as well as finance, sales and other departments. That is very powerful; one forecast to drive the business forward. “
Take a few minutes and watch what these leaders have to say about their forecasting process and how the right people, process, platform and data can help you transform your demand planning for better, faster decision making.