For manufacturers today, the economic environment has become increasingly challenging to maneuver. When you consider all the variables associated with demand forecasting and predicting how much inventory is needed to meet desired customer service levelsꟷwell, things just don’t get any easier. Whether it’s navigating the complexities of slow economic growth, fluctuating demand, globalization, or even the finicky nature of consumers fueled by the pervasiveness of social media, manufacturers must be able to ensure inventory is available in the right amount, the right place, and at the right time.
With the release of the Prevedere Demand Forecasting for Manufacturing app on AppSource, manufacturers can improve their demand forecasting process and gain real-time insight into their industry, their markets, and the demand for their products.
Manufacturers can use this app to:
Validate their current business strategy. When a company doesn’t have concrete evidence that their strategic direction is the right one, questions get asked. Predictive analytics provides the validation needed for expansion plans or market viability. These insights guide future forecasting discussions among sales
leaders,and acts as a sanity check for budget estimates with finance. Finally, predictive analytics gives leaders the vision and foresight to capitalize on industry changes before their competitors.
Discover hidden performance drivers. Because traditional demand forecasting is frequently derived from historical or internal data, institutional beliefs among industry leaders become a guiding post for managing demand. Data-driven insights address these beliefs for better or for worse but allow for adjusting based on factual data. Future economic risks are identified, allowing enough lead time to make meaningful changes in production or resource allocation.
Achieve a 360-degree view of future demand. Rather than reacting to demand as it occurs, companies instead act on the actual drivers of demand. They adjust marketing, sales, and resource allocation based on the latest demand sentiment. This better understanding of demand drivers helps companies make more accurate sales predictions.
Optimize ROI on operational spend. Take intelligent action to optimize the return on capital expenditures by seeing what really needs to be done and then when and where to make those capital investments. Make promotional campaigns and pricing clear by revealing changes in the market that are critical to maximizing overall business success.
Microsoft has partnered with Prevedere to provide world-class predictive analytics and business insights for the demand forecasting needs of its manufacturing customers. Prevedere has a team of data scientists, industry experts, and thought leaders who are well recognized and have been in publications such as NPR and CNBC.