To optimize operational efficiency and profitability in any industry, accurate demand forecasting is crucial. Businesses need a clear picture to be able to satisfy consumer demand. In the short term, overestimated demand leaves the supplier with a surplus that can be a financial drain; underestimated demand means missed sales opportunities. In the longer term, strategic investments for growth require a comprehensive assessment of critical markets, the impact of key external events, and the potential effectiveness of marketing campaigns. In short, maximum effectiveness and profitability require a good system of forecasting that is always evolving.
STATISTICA offers such a solution for demand forecasting. STATISTICA Enterprise and Data Miner offer a platform for developing forecast models, finding key factors that impact demand, and—most importantly—for maintaining these forecast models with automatic updates. The platform can handle hundreds or thousands of individual items or SKUs, and will intelligently consolidate forecasts at different levels of aggregation.
- Predict Demand Based on Your Business Data: Forecast modeling tools make it possible for you to better estimate demand, allowing for nimble changes in production, staffing, or general resource allocation.
- Keep Forecast Models Current, Automatically: Forecast models need updated frequently to stay current. STATISTICA Enterprise automates the analysis to update the set of forecast models across the entire operation: multiple product lines, locations, SKUs, etc.
- Apply Robust Prediction Algorithms. The STATISTICA Enterprise solution goes beyond standard time-series methods to apply robust general forecasting algorithms that identify repeatable patterns and trends, and the drivers behind them.
- Stay Aware with Automated Reporting and Tracking: Reports are generated automatically and sent to the appropriate personnel for review. Alerts notify of changes in demand that need addressed.
- Find Influential Factors: Isolate variables that spark shifts in demand, and use that information to react quickly as well as stimulate demand increases when possible.
- Understand and Communicate with Precision: Built-in descriptive statistics and visualization capabilities make analytics and reporting simple.
- Optimize Processes: Dig deeper to find root causes, and enable whole process understanding that was previously not possible.
Argonauten360° implemented STATISTICA Data Miner to forecast call demand and aide in price modeling in Europe’s very competitive telecommunications market. They were able to increase margins and become a leader in the industry. Read more of the success story.
A leading US communications and cable services provider successfully automated accurate demand and churn forecasts based on models that recalibrate nightly. These models not only take into account recurring seasonal variability, but also the impact of promotions, economic indicators, and more. Read about this successful implementation here.