Most companies recognize the importance of improving forecast accuracy and having a repeatable, reliable demand forecasting process. Accurate forecasts help minimize inventory, maximize production efficiency, streamline purchasing, optimize distribution, maximize customer service and ensure confidence in company projections. However, developing accurate product forecasts at all stages of a product’s life cycle can be challenging.
In this updated white paper, 2021 Planning Tip: Eight Methods to Improve Forecast Accuracy, we look at three categories of demand forecasting models and the eight methods that have produced superior results for Logility’s many clients in a variety of industries and market conditions. We also discuss how you can incorporate internal and external demand data to improve forecast quality and uncover insights to make better, faster business decisions.