Wipro’s Data Discovery Platform (DDP) is an integrated platform, which accelerates ‘time-to-insight’ for an enterprise using pre-built industry apps that enable faster decision making, aided by advanced visualizations.
Demand Forecasting App on DDP is designed to help a manufacturer accurately forecast the demand for spare parts for oil & gas wells in various regions. ABC analysis is performed and C category items are eliminated from the model because the dollar value for their sales made them a low financial risk. The model is therefore focused on critical wellhead spares. It uses statistical models (time series models) for forecasting the demand based on historical unit sales. It also accounts for external factors such as crude oil prices and number of oil rigs in production to qualify as control variables, based on which the forecast becomes more appropriate and precise.