Turn a Good Demand Forecast into the Optimum Inventory Plan

ToolsGroup

How Do You Turn a Good Demand Forecast into the Optimum Inventory Plan? Your customers don’t care if you have a great demand forecast. They care if you have the inventory they want when they want it. How do you turn a good forecast into a great inventory plan?

[PODCAST] Inventory Forecasting Lessons for Improved Supply Chain Network Optimization

Cerasis

Listen to “Inventory Forecasting Lessons for Improved Supply Chain Network Optimization” on Spreaker. The post [PODCAST] Inventory Forecasting Lessons for Improved Supply Chain Network Optimization appeared first on Transportation Management Company | Cerasis. Inventory Management Podcast Supply Chain Inventory Forecasting

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Causal Forecasting Brings Precision to your Forecasting

Logility

Causal f orecasting shines a light on , and isolates, actual demand signals from market “chatter,” thus improving forecast quality. What Exactly Is Causal Forecasting? . First, what it’s not is a replacement for demand forecasting.

Melitta: Collaborating for an Improved Forecasting Process

ToolsGroup

Melitta Sales Europe (MSE) embarked on an initiative to revamp existing planning and forecasting processes to increase efficiency and sustainability. MSE’s prioritization of its close internal collaboration strengthens the precision of its forecasts, ensuring a more robust S&OP process.

Automated Order Processing and Proactive Inventory Management

Speaker: Irina Rosca, Director of Supply Chain Operations, Helix

Organizations need to focus on demand driven supply planning, utilizing real time information on customer orders from all marketplaces (e-commence, Amazon - or other online retailers, and point of sale data from brick and mortar). Focusing on this information once per month during the S&OP meeting is too late for all business units to align. Companies should have seamless integration between order entry, inventory management, forecasting and supply planning models and purchase order status to sense risk, pull levers to mitigate potential risk, and communicate within and outside the organization. This is especially important for new product releases, in store programs or promotions (sales, end caps, PDQ. etc) or online promotions (company run or 3rd party). Depending on total supply chain lead time, not having real time visibility and analysis of this information can significantly affect sales and the bottom line.

“Optimized” Inventory Forecasting a Co-Product of Optimized Central Planning

Arkieva

In a recent blog on Inventory Forecasting the core challenges and business importance of estimating inventory are outlined. A projected inventory position across time (plan) is a natural co-product of most central or master planning models that match assets with the demand to create a projected supply line linked to demand. Optimized” Inventory Forecasting a Co-Product of Optimized Central Planning was first posted on February 18, 2020 at 8:08 am. ©2017

What is Inventory Forecasting?

EMERGE App

What is Inventory Forecasting? Wait, what has this got to do with inventory forecasting? The Goldilocks Principle of having something that is not too hot and not too cold has been used for everything from the search for habitable Earth-like planets to inventory management, and of course, the perfect porridge temperature. I’ll show you that inventory forecasting is not some dark art that is mastered by a few consultants.

ToolsGroup Supply Chain Forecast | Inventory Now Available ?in the Microsoft Azure Marketplace

ToolsGroup

Supply Chain Forecast | Inventory to improve forecast accuracy and customer service levels, while reducing investment in stock. The tool is designed to help businesses grow by moving beyond spreadsheet-based forecasting and trial-and-error inventory management.

What is Inventory Forecasting & Why your Business needs it?

Arkieva

Inventory Forecasting is the process in which the historical sales data, historical purchasing data, current demand planning, planned production, and distribution resource plan data are used for predicting inventory levels in a future time period. What is Inventory Forecasting & Why your Business needs it?

Why probabilistic forecasting is better for inventory optimization

ToolsGroup

Last month we published a primer on probabilistic forecasting , an alternative to deterministic or ‘single number’ forecasting. In this post we’ll explore how probabilistic forecasting not only creates better forecasts, but also improves inventory optimization by improving the stock levels at store and warehouse locations in your distribution network. While easier to comprehend, in this environment they produce chronically poor forecasting outcomes.

Key Questions for a Successful Distribution Network

Speaker: Irina Rosca, Director of Supply Chain Operations, Helix

As we plan for the world of eCommerce and the customer expectation of quick, free shipping, our ability to forecast is turned on its head. If we're going to offer the speed of shipping and variety of inventory that today's customers have come to expect, there are a lot of different questions that need to be asked. This webinar will cover: Strategies for making high-level decisions about your network design and inventory distribution.

Probabilistic Forecasting - a Primer

ToolsGroup

An experienced gambler might hedge their bet on multiple outcomes, rather than just the most likely "single number forecast". At ToolsGroup we have been big advocates of probabilistic forecasting (sometimes also known as stochastic forecasting). Understanding and employing this relatively simple principle can take your forecasting and supply chain planning from ‘good to great’. In this case, forecasting 100 units is a pretty safe bet.

How do supply chain professionals rate their demand forecast’s accuracy?

AIMMS

Part I in our series on assessing your Demand Forecasting process. Is your demand forecasting process evolving with the times? Are you satisfied with your level of forecast accuracy? Which function is responsible for managing the forecast process and who is accountable for accuracy? . 6 0 % of respondents stated that the Supply Chain function is primarily responsible for managing the forecast process at their organizations. How are demand forecasts evolving?

Turn a Good Demand Forecast into the Optimum Inventory Plan

IT Supply Chain

The post Turn a Good Demand Forecast into the Optimum Inventory Plan appeared first on IT Supply Chain. By Alex Achour (pictured). Senior Sales Engineer with ToolsGroup. Industry Talk

What Technology are Teams Using to Support Their Demand Forecasting Process?

AIMMS

Part II in our series on assessing your Demand Forecasting process . In Part I of this series , we looked at supply chain professionals’ perception of forecast accuracy and how they see their forecast evolving in the future. With supply chain complexity on the rise, can new technologies help to improve forecast accuracy and achieve benefits like an optimized inventory and better customer service? The use of technology for demand forecasting is widespread .

Dreaming about accurate forecasts?

DELMIA Quintiq

There is a saying among forecast users: “ If you forecast, you may be wrong; but you will always be wrong if you do not forecast.”. Demand planning is crucial for companies to determine the figures they need in different areas of operations, such as production planning, purchasing raw materials and inventory investments. But how much faith are companies willing to place in inaccurate forecasts? This ultimately improves the quality of the forecasts.

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.

Supply Chain Forecasting: The ‘IN’ Thing Today in Logistics

20Cube Logistics

With technology evolving, the logistics companies are looking ahead with automation and digitalisation with forecasting tools as it has the capability to boost operational efficiency, improve warehouse performance and adequately manage the predictive analysis.

How Demand Forecasting Helps You Manage Inventory

AFFLINK

As businesses scale, they need to investigate the accuracy of their inventory management and forecasting processes. Demand forecasting goes beyond simple estimates of product demand, looking into complex patterns over time to produce more accurate and timely predictions. Through better demand, an organization will be able to better manage inventory, increase revenue, and improve customer support. The Major Pain Points of Inventory Management.

Boost productivity through supply chain resiliency, demand forecasting, & inventory planning

IT Supply Chain

The post Boost productivity through supply chain resiliency, demand forecasting, & inventory planning appeared first on IT Supply Chain. By Avtar Dhillon (pictured). Director, Business Value Consulting, ThoughtSpot.

Calculating Forecast Accuracy & Forecast Error

EazyStock

The Importance of Demand Forecasting Accuracy. In supply chain management it’s important to be able to measure the accuracy of your demand forecasts. Inaccurate demand forecasting can lead to the accumulation of excess stock or the reverse: issues with product availability. Both are unwelcome problems for inventory planners! Ensuring demand forecasting accuracy should be a key responsibility for any conscientious inventory planner. What is Forecast Error?

Accurate Inventory Forecasting, No Crystal Ball Needed

Unleashed

Proper demand forecasting and inventory control can save a company from buying too much or too little of something, which of course avoids expensive overstock scenarios or stockouts. What is demand forecasting? Demand forecasting predicts what customers will buy, how much they will buy, and when they will buy it. Forecasting for success. Knowing where previous predictions have gone wrong or come true will help you define the parameters of your next forecast.

3 Common Inventory Management ‘Sins’—And How to Avoid Them

Logistics Bureau

Three rules are really important in inventory management. 2) Forecast Demand. If you fail to forecast demand, you face the following potential risks: Running out of stock. Excess inventory. 3) Draft an Inventory Policy. Commandment #2: Thou Shalt Forecast Demand.

Improve Your Inventory Control with Demand Forecasting

Unleashed

Demand forecasting and planning sounds like a complex task requiring input from a team of accountants and economists but, in reality, it’s an easy way to improve your inventory control. In simple terms, demand forecasting uses supply chain information to plan the levels of stock needed to meet expected demand which gives greater inventory control to the supplier. Why forecast demand? Strengthening supplier relationships with demand forecasting.

Improve Forecast Quality and Reliability with Value-add Forecasting (Part 1)

Logility

The ability to effectively forecast demand is essential for supply chain management decisions. In fact, demand forecasts are used throughout the supply chain including supply chain design, purchasing, operations, inventory, and sales and marketing. In large part due to computer processing power, new advances in forecasting and the abundance of new data sources have helped to increase forecast reliability. procurement, operations, inventory, sales and marketing).

Reveal Your Real Inventory Planning and Forecasting Policy by Answering These 10 Questions

The Smart Software

In this blog, we review 10 specific questions you can ask to uncover what’s really happening with the inventory planning and demand forecasting policy at your company. We detail the typical answers provided when a forecasting/inventory planning policy doesn’t really exist, explain how to interpret these answers, and offer some clear advice on what to do about it.

Quantum Inventory Theory?

The Smart Software

The post Quantum Inventory Theory? Blog Demand Planning Inventory Optimization Operational Analytics demand planning implementations efficient stocking ERP forecasting software inventory modeling inventory optimization kpi metrics overstock probabilistic modeling statistical forecasting supply chain analyticsPhysics at the quantum level is quite weird – not at all like what we experience in our usual macroscopic life.

What’s Your Forecast Accuracy Target for 2019?

ToolsGroup

Editor’s Note: Two years ago we posted a blog about how to set an annual forecast accuracy target and it was one of our most popular topics. Many companies have already started their 2019 planning and budgeting cycles, so if you are in charge of demand forecasting for your company, it’s about time to thinking about your organization's 2019 goals. It seems as if everyone is looking to improve their forecasting performance. Forecasting Demand and Analytics

Probabilistic Forecasting: Right Fit for Your Business?

Supply Chain Shaman

A Closer Look at Forecasting. Traditionally companies forecast using history (shipments or orders) and applying linear regression to understand the patterns of historical demand using these to estimate future requirements in a time-series format. Traditional forecasting methods, as a result, do not work very well to predict future forecasts. Spairliners: A Case Study in Probabilistic Forecasting. Improving Value Through the Testing of Forecasting Techniques.

What’s Your Forecast Accuracy Target for 2017?

ToolsGroup

In 2016, it seemed as if everyone in supply chain was looking to improve their forecasting performance. Unsurprisingly, the highest percentage of respondents in a recent Gartner/Supply Chain Digest survey selected forecast accuracy and demand variability as the top barriers preventing them from reaching their broader supply chain goals. How much can you realistically expect to improve your forecast accuracy each year? Forecasting Demand and Analytics

Inventory, inventory, inventory. They’ve all got it – inventory.

Enchange Supply Chain Consultancy

Amongst the many variables in running a Supply Chain, the one certainty in FMCG, Pharmaceutical and Agri businesses is that inventory is solely in the eye of the beholder. Nobody else but Supply Chain actually sees the full unedited and excuse-free realism on inventory and what this stock is doing (always a negative effect) to overall company costs and service. FMCG Forecasting & Demand Planning Inventory Management & Stock Control Supply Chain Analytics

Common Forecasting Myths Debunked – Part 1 – One Forecast is Enough

Logility

This is the first of a series of four posts that will explore common forecasting myths. In supply chain the impact of a single error can quickly derail an entire forecast. The first step is to recognize there are several myths surrounding the forecasting process that can lead you down the wrong path. Many companies believe that once a forecast is created success will follow throughout the product life cycle. What forecasting methods does your company employ?

Multi-echelon inventory optimization vs inventory optimization

ToolsGroup

Editor’s Note: Last year ToolsGroup became Microsoft’s partner for Multi-echelon Inventory Optimization (MEIO) in Industrial accounts. Microsoft and I collaborated on a blog introducing the basic concept of MEIO, comparing it with Inventory Optimization. Now consider that by not optimizing your inventory from a global vantage point you may be creating, if not outright chaos, a much less efficient network than you could have. The basic approach to inventory optimization.

Inventory Can Be Scary

ToolsGroup

“Your inventory problem is scary because you’re selling out before you can make new items to meet demand”. Many retailers agree that inventory can be scary. Jill , Nike and H&M who missed sales projections, upset customers with out-of-stocks, and had to clear excess inventory through deep discounting. Inventory distortion” (the combined cost of out-of -stocks and overstocks) accounts for $1.1 For example, say you have $5,000,000 of inventory at cost on hand.

Promotion Forecasting

Cognira

Brochure: Promotion Forecasting. With decades of retail and data science experience, intelligent retail forecasting is Cognira’s core expertise. Our highly accurate, quality omnichannel forecasts represent true customer demand – not just sales history. As a result, our retail clients have just the right amount of inventory on hand, leading to higher sales, fewer stockouts and markdowns, and greater customer loyalty.