Selecting the right forecasting method used to be extremely time-consuming. Fortunately, advances in technology and forecasting techniques have relieved planners from a lot of the grunt work.
With best-fit forecasting, TECSYS DMS recommends the top three forecasting methods that would have yielded the highest forecast accuracy using a specified holdout period and the Mean Average Percentage Error (MAPE) accuracy measure. Planners have the option to lock in a specific forecasting method for a particular SKU or let the system perform the best-fit exercise.
Increasing forecast accuracy starts by cleansing your historical demand to produce a baseline of data that is free of outliers and any past demand shaping strategies — the better your demand history is, the better your forecast results will be! This is a daunting exercise without the right tools.
TECSYS DMS gives planners access to complete and detailed historical demand data at any level of aggregation, right down to the originating transaction. With powerful reporting tools and customizable data filters, planners can locate and investigate trends and spikes using power filters such as Coefficient of Variation (COV).
Successful planners continuously measure statistical and revised forecast accuracy then start gathering market or product intelligence that leads to improved accuracy. Having the power to view data in any format and at any level of aggregation enables them to gain insights and discover new opportunities hidden in the data that they never would have noticed before.
Planners need some way to keep track of their research and their demand revisions — a difficult task when dealing with hundreds, and sometimes thousands, of SKUs! With TECSYS DMS, planners can securely capture and link notes and other artifacts for future reference, allowing them to explain revisions weeks or months after the fact.
TECSYS DMS's flexible and adaptable reporting tools give them the freedom to collaborate internally and externally by easily sharing their findings and forecasts with colleagues, suppliers, and customers.
A demand planning practice can contribute to growth in two ways: by ensuring that dollars invested in inventory are providing an acceptable rate of return and by recognizing trends through the use of analytics.Download White Paper
How can your planners ensure promised service levels when market conditions are always changing? Simple. Just lock in your forecast numbers and TECSYS DMS will hold them for you.
Locking a forecast revision in advance is a fast and simple way to prepare for a new contract. Once you lock a forecast revision for a SKU in a given period, it will not be overridden by a future statistical forecast.
And, since planners are often victims of information overload, it's very convenient to be able to attach any artifacts relating to a forecast revision for future reference or for sharing internally.
Most planners are responsible for a vast number of SKUs and must prioritize their time where it brings the most value. TECSYS DMS makes it easy to locate those items that have the most impact and are most difficult to forecast — these are the products where increased forecast accuracy can make a real difference, operationally and financially!
Planners can also easily distinguish between items that are sold separately (independent demand) and those used in production (dependent demand).