Increase profitability through data-driven forecasting
All companies make forecasts and try to look into the future, but with EG Statistical Baseline Forecast, you get a data-driven tool that uses your company's historical data to provide detailed forecasting of demand, reflecting e.g. trends and seasonal fluctuations.
Predict future demand and improve your planning processes
A company's core decisions in the field of planning are largely driven by expectations for the future demand. With statistical forecasting, you can predict the demand with much more accuracy. This offers a number of advantages that are reflected in the cash flow and on the bottom line:
Get forecasts that reflect the demand – not the company's supply
Data-driven forecasting is not controlled by goals or internal politics, but based on historical data and advanced analytical models
Focus your work and free up resources that can be used for a determined effort within e.g. key products or campaigns
Obtain a quantification of the future uncertainty
Statistical Forecasting provides the tools for continuous process improvements.
If you overestimate the demand, this may result in too much stock and obsolete products, which may reduce the company's margin. If you underestimate it, this may result in lost sales, reduced customer satisfaction and more expensive orders. This is why accurate data-driven forecasts are so important.
Gain important insight in a format that you can integrate and optimise
EG Statistical Baseline Forecast is subscription-based and automated.
The solution can be customised to suit your company's unique needs. When the collection of data and the forecast calculations have been optimised and systemised, forecasts will be generated continuously – e.g. on a monthly basis.
Forecasts are delivered in a format that you can easily integrate with your company's existing planning systems. The result forms the basis of a far more effective planning process across purchase, production, budgeting and resource allocation.
The process is automated and uses minimal resources
EG Statistical Baseline Forecast is either delivered as a cloud solution or installed locally at your company. No matter which solution you choose, the resources needed are insignificant and there is no need to invest in an expensive infrastructure.
From the start and until you reap the benefits of the first forecasts, only a few weeks are required.
EG Statistical Baseline Forecast has a direct integration to Microsoft Dynamics AX that can use existing tables and data definitions.
Set-up and process During the initial set-up, the analysis engine is fed with historical data from your current system, and these data are tested on the past months' data. When the accuracy of the generated forecasts is satisfactory, the process can be automated and deliver continuous forecasts for e.g. 12 months ahead (or the time frame suitable for your company's processes).
The process is as follows:
Identification of source data
Set-up of analysis environment and integration to data
Analysis of input data and elimination of data for which forecasts cannot be made
Adjustment of forecast models to take company- specific circumstances into account
Automation of the flow that generates periodic forecasts.