article thumbnail

Get Started Using Machine Learning for New Product Forecasting

ToolsGroup

Adding to this already uphill battle, we don’t have trustworthy new product forecasting methods because forecasting new products with no sales data is very hit-and-miss. Machine learning (ML) provides an effective weapon for your new product forecasting arsenal. Why is new product forecasting important?

article thumbnail

Baby Formula Deficit: Unfortunate Lessons in Demand Forecasting

Logility

The need for more resilient supply chains and better demand forecasting was becoming more essential. With the rise of companies looking to implement AI into their supply chains, more accurate forecasts are within reach. The FDA closed a manufacturing facility in 2022 due to bacteria-related infant deaths and recalled products.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

4 Steps to Skyrocket Your Demand Forecasting Accuracy

Logility

In the intricate world of supply chain management, the accuracy of demand forecasting often serves as the cornerstone of business growth. Yet, despite its significance, demand forecasting continues to be a thorny issue for many businesses, particularly manufacturers. What is Demand Forecasting Accuracy?

article thumbnail

ToolsGroup and illycaffè to Present at Gartner Supply Chain Symposium, June 5-7, in Barcelona

ToolsGroup

ToolsGroup customer, illycaffè, will share how probabilistic forecasting supports a customer-centric planning process, helps guarantee product availability, and successfully navigates uncertainty. Thanks to ToolsGroup’s AI-powered probabilistic forecasting engine, the company improved and accelerated its forecasting and planning processes.

Gartner 156
article thumbnail

Four Steps to Better Demand Forecasting

Logility

Forecasting is an “inexact science” that relies on the data available to you, the math you use, and how you implement the forecast. And your forecasting success is fundamentally impacted by your understanding of that data, its strengths and limits. How you roll up your data for forecasting fundamentally impacts accuracy.

article thumbnail

Essential Guide for Demand Forecasting in 2024

ThroughPut

Demand forecasting is a critical component of supply chain management, especially in the complex and unpredictable market landscape of 2024. Accurate forecasts are essential for maintaining inventory balance, ensuring customer satisfaction, and achieving financial stability. What is Demand Forecasting?

article thumbnail

ToolsGroup and North America’s Largest Tire Distributor to Present at Gartner Symposium, May 8-10, Orlando, Florida

ToolsGroup

ATD will share how collaborative forecasting improved supplier performance and revolutionized its supply chain for business-wide benefits, thanks to ToolsGroup’s AI-driven planning solutions BOSTON – April 25, 2023 – ToolsGroup announced today that we are exhibiting at the Gartner Supply Chain Symposium/Xpo 2023 in Orlando Florida, May 8-10.