No one doubts that more accurate forecasts can lead to lower inventories and improved customer service levels, but it is surprising how many companies struggle to deliver an effective forecasting process. Improving forecast accuracy is never easy, but is an essential step to lowering inventory levels and the associated carrying costs and scrap. Better forecasts also ensure that the right product is in the right place at the right time, delivering improved customer service levels and reducing the need for fire-fighting and expediting. In these days of complex and extended supply chains, increasing forecast accuracy is a competitive necessity to achieve top-line growth as well as bottom-line
For more than a quarter of a century, Demand Solutions has helped thousands of customers improve forecast accuracy and optimize inventories through its forecasting and inventory management solutions. We help clients create timely and accurate information so they can make informed decisions that deliver world-class performance and support strategic goals. This practical experience with clients has taught us a number of techniques to steer forecasting in this direction. Here, we’ve created a 10-point plan highlighting some of the most effective ways to increase forecast value by improving forecast accuracy.
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