Manufacturers today face a long list of tough supply chain challenges. Supply
chain teams that rely on a jumble of spreadsheets, enterprise resource planning
(ERP) systems, and antiquated supply chain applications risk failure. Keeping data in
many different places and systems limits visibility and creates misaligned plans.
There is good news. A convergence of advanced solutions makes this a great time
to take your supply chain planning and manufacturing optimization software capabilities to the next level and solve the never-ending supply chain puzzle.
One area of improvement is Product Life Cycle Forecasting. Most companies recognize the importance of a repeatable and accurate forecasting process. Accurate forecasts help minimize inventory, maximize production efficiency, streamline purchasing, optimize distribution and ensure confidence in company projections. However, developing accurate product forecasts at all stages of a product’s life cycle can be very challenging, and requires the right supply chain and manufacturing optimization software.
A best practice is to assign a forecasting method based on a product’s life cycle stage to ensure the best possible forecast accuracy. However, most demand planning teams don’t have the bandwidth to evaluate each SKU/location level forecast for every forecasting period to determine which forecasting method is best. Fortunately, leading demand planning solutions can automate this selection by comparing forecast error by method and selecting the method that provides the best forecast.
This eBook, Solving the Supply Chain Planning Puzzle: Six Capabilities Every Manufacturer Needs, explores key areas where manufacturers should focus to realize supply chain improvements, including the use of supply chain master data management, sales and operations planning (S&OP), and advanced analytics.