Reimagine the foundation of your supply chain
A New Language of Demand Planning
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Accurate forecasts help companies minimize inventory, maximize production efficiency, streamline purchasing, optimize distribution, maximize customer service, and ensure confidence in their projections. However, developing accurate product forecasts at all stages of a product’s life cycle can be quite challenging.
In the past, supply chain planners used multiple forecasting methods tuned to perform well for different products or varying phases of the product life cycle, chosen to best exploit the available historical data and degree of market knowledge. The key was to pick the most effective and flexible methods and models, blend their best features, and shift between them as needed to keep forecast accuracy at its peak. However, the advent of new technologies and the rising utility of AI has brought in new way of forecasting that includes:
- Ensemble Modeling – Harness the collective knowledge of diverse models for enhanced accuracy, stability, and adaptability
- Driver-Based Forecasting – Identify the main drivers of business and how those drivers affect its revenue, costs, and cash flow
- Demand Sensing – Monitor real time data such as customer orders, consumer sales, inventory in the channel, social sentiment signals or weather to dramatically improve near-future forecast
- Explainable Forecasts – Embrace AI-driven forecasts with GenAI in an understandable way
- WHO SHOULD READ THIS WHITE PAPER?
Business and demand planners, and others interested in in building better forecasts should read this whitepaper. This white paper also includes information important to the supply chain managers that need to drive value to business through forecast accuracy.
- WHAT CONCEPTS ARE COVERED IN THIS WHITE PAPER?
This whitepaper covers concepts of event-based forecasting, demand sensing, anomalies in forecasts, and techniques that can be used to break forecasts down into more granular information like baseline, trends, and seasonality.
- WHY THIS WHITE PAPER IS A MUST READ FOR SUPPLY CHAIN ORGANIZATIONS?
This whitepaper provides valuable information to greatly increase forecast accuracy that affects every part of a business’s decision making: finance, sales, production management, logistics, and marketing.