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Advanced Forecasting

 

Generate Accurate Statistical Forecasts

Collaborate for the Most Accurate Forecasts Possible

The Advanced Forecasting application is a collaborative tool that allows users to come up with the most accurate forecasts possible. It fully supports a Sales and Operations Planning process to efficiently balance your organization’s Supply and Demand.

The system generates a statistical forecast for each item-location combination that has been set up by the user, and incorporates regression analysis with a seasonality factor as well as other optional time series forecasting methods to generate this forecast. The user can then make adjustments to the system generated item-location (i.e. “SKU”) forecasts and aggregate them nationally, regionally or by other criteria such as product, class or market zone. At this point, further adjustments can be made to the aggregates and be prorated back down to the item-location level to drive production and deployment decisions.

In addition, the “Best Method” option will suggest a forecast method to fit your requirements and business model. A Forecast Variance Reporting System then “automates” the sometimes tedious but critical activity of measuring planned versus actual forecasts which can be used to improve future forecast accuracy.

The application also gives users the option to calculate item-location safety stock quantities based upon desired customer service levels, and performs ABC analysis nationally or by location. User selectable history from WorkWise ERP can be input to the Forecasting application and after forecasts are calculated, they can be used to populate the WorkWise ERP Master Schedule forecast.

Advanced Forecasting Key Features

  • 3 Year Statistical Forecast
  • Seasonality and smoothing factors
  • Forecast aggregation/disaggregation
  • Linear regression, weighted average, percentage change methods
  • Safety Stock calculations based on customer service level
  • Extract from actual usage
  • Export to Master Scheduling

Advanced Forecasting Benefits

  • Improve Customer Service Efforts
  • Increase Inventory Turns
  • Effectively Decrease Costs
  • Become More Pro-Active

ERP for the manufacturing industry

WorkWise has been serving the manufacturing industry for over 15 years, and we understand the unique complexities and challenges it faces. Watch this video to learn more about the manufacturing industries we serve.

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