As companies look to evolve into agile enterprises, there is increasing pressure on supply chain operations to build very accurate forecasts for Demand Sensing. An understanding of the distribution of demand helps keep production and inventory management efficiency.
Determining a reliable Range of Demand, building a non-parametric distribution around it, and simulating future demand from this distribution in short time-windows is a big ask from the next evolution of demand forecasting.
In this whitepaper, we discuss how a new-age Forecasting System builds and improves your organizations’ ability to sense changes and disruption in the market. Standing on its own four legs of Data, Algorithms, Technology, and Workflows, it needs to have a robust data quality management layer in addition to accuracy.