Data is everywhere, but how can you extract value from it to directly support the decision-making process? Production planning can be optimized through providing insights, generating forecasts and/or the design and implementation of new tools. Your organization’s data can be transformed, analysed and visualized to create a better understanding of your business value. Our human thought processes lean naturally towards cognitive bias. More advanced analytics are required to generate valuable insights from the data.
In today’s dynamic and uncertain business environment, your supply chain planning challenges continue to grow. Your portfolio is more complex than ever, consumer behavior is volatile, and you face growing pressure on price and margins. You need high-quality planning backed with reliable statistical forecasting to understand and act decisively in this intricate and erratic market.
What is statistical forecasting?
A statistical baseline forecast is based on historical sales data and often employs trend models. These models allow companies to focus on the enrichment of elements that really add value. Each demand forecasting unit in your portfolio is segmented and a statistical model is created to suit all mature products. The segmentation of products allows you to focus on and enrich the forecast of important products. It lets statistics do the work for you, while enhancing the forecast efficiency. These advanced models boost forecasting accuracy.
Monitor & refresh
Quick but deep insight into product segmentation, forecast accuracy and forecasting models.
Identify potential improvements create action plan for implementation.
Make it a reality! Improve your forecasting models via our planning services or suitable customer APS.
Monitor & refresh
Monitor improvements and value obtained.
As well as statistical baseline forecasting, EyeOn offers advanced forecasting techniques:
- Promotion forecasting: Use promotion drivers to predict sales in promo-intensive markets.
- Driver-based forecasting: With external information like weather, social, finance. Read more.
- Short-term forecasting: Better short term (days, hours) forecasting.
Tailored forecasting models
Insights from years of experience
Added value forecasting
It is only sensible to want to quantify the added value of an improved forecast. One forecast can be compared to another to measure improvements in accuracy. Statistical forecasts can be treated likewise, and they can be measured against the enriched forecast generated by your organisation. Other options include comparing the statistical forecast with the naive forecast, so that the observation of next month will be equal to this month’s.Read more