Improving Forecast Accuracy with MXI and Forecast Pro
Forecast Pro and MXI find that despite the best of intentions of UK and Irish companies generating good forecasts is still difficult for even the best managed companies. Forecast Accuracy still remains one of the most sought after goals by UK and Irish companies for supply chain improvement. And for good reason as forecasting and forecast accuracy impacts nearly every aspect of supply chain performance.
Forecast Pro and MXI goal is simple and that is helping UK and Irish companies achieve outstanding customer-service levels through improved short-term demand forecasting and inventory positioning. Many companies may ask why tackle both forecasting and inventory together? For Businesses and forecasting demand and inventory are two sides of the same coin. Demand forecasts attempt to predict future demand and safety stock inventory compensates for demand fluctuations, covering the demand until the supply chain can replenish the gap.
Forecast Pro and MXI is helping UK and Irish customers achieve record customer service levels with demand planning and inventory optimization. Our customers improve short-term forecast accuracy and correctly set safety stocks, achieving up to 99+% customer service levels while significantly cutting their inventory. Forecast Pro and MXI use demand profiling, statistical methodology and advanced consumption logic to improve short-term forecasts and remove persistent forecast bias. Forecast Pro and MXI are able to create an optimized inventory portfolio driven by your customer-service objectives
With Forecast Pro and MXI the benefits include increased service levels, improved inventory turns as well as additional operational benefits. According to AMR Benchmark Analytix data, companies with the most accurate forecasting have:
- 15% less inventory
- 17% better perfect order performance
- 35% shorter cash-to-cash cycle time
- 10% higher revenue
- 5% to 7% better profit margins
For every UK and Irish company improving your short-term forecast accuracy should be one of your most important supply chain goals. Achieving your best customer service levels ever with an optimal mix of inventory will be your reward. If you are still unsure of how Forecast Pro can help your company take advantage of a free Forecast Pro demo and 30 day trial.