Essentials to better forecasting: "A simple approach"
- What is the secret to reducing inventory investment?
- How effective is our planning process?
- How to increase sales revenue and EBIT for your company?
A number of organisations are beginning to understand the importance of having an effective Forecasting process across their business and supply base. Designed, implemented and maintained correctly, you forecasting process can create a competitive edge through a more responsive and agile supply chain that will deliver high levels of customer service by sourcing, storing and supplying the correct inventory the first time.
Supply chain agility and response is achieved by smoothing demand through the removal of unnecessary process waste that hinders your supply chain delivering effective service levels to meet varying customer demands. This involves developing and implementing the right business inventory policy and procedures which are underpinned by an awareness of the current constraints, capacities and cost to serve of your supply chain.
Our approach to better forecasting
A Turn Key Solution will develop and implement a rules based forecasting process for your organisation which will allow retailers, manufacturers and wholesalers to become more profitable by being able to develop more accurate demand data.
By working on the drivers that influence the forecasting process, we are able to minimise variability of forecast demand by creating a more responsive and cohesive supply chain through the application of statistical forecasting techniques at item, brand, category or business level.
The aim is to collaborate with your customers and their suppliers to achieve greater levels of visibility across the supply chain before the initial buy or manufacture decision is made. Having the right technology, tools and processes in place will creates the opportunity for making timely and informed decisions on reducing operational costs and inventory investment costs without compromising customer service levels.
The essential components of a forecasting process
- Open to buy method
- Marketing department input
- Sales department input
- Customer input
- Statistical Forecasting
- Inventory Master File and Stock Integrity
- Store Merchandising