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Forecasting for Manufacturing
On average, inventory looses about 30% of its value over the course of the year, and in many areas this can be much higher
Production planning is a delicate task, especially in volatile markets. The cost for overcapacity can be enormous, while the cost for under capacity is often just as significant. This puts the inventory management in a constant tension between being cost effective at the same time as having sufficient capacity to provide a high service level.
Operating in this field of tension means either the investment of a significant amount of time, experience, talent and administration to do well, or alternatively the incurrence of increased costs, loss of service level and ultimately profits and customers if done poorly.
The bad news is, it’s not magic
Not having good inventory control and buying based on “gut feeling” rather then accurate computer information can result in having excess inventory that might not be sold. Dan Kaplan, EzineArticles 28 October 2006
Modern statistical forecasting technologies have proven very successfully in being capable of a reconciliation of this problem. Not only do they most often increase planning accuracy significantly, thus being highly cost effective, they also reduce planning complexity and time investment significantly.
Nevertheless, there are applications where forecasting is highly efficient and others where benefits are limited or special solutions are required. We therefore highly recommend that you test a prospective solution for your purposes and determine your reward to cost relation.
At Lokad, we know that manufacturing requires often individual solutions to suit your needs. We therefore provide advice on where and how to implement our solution into your business. And what’s best, for the money you spend on one study from most forecasting solution providers, you could be working with us for months.
The good news is, it doesn’t cost your soul
The Lokad forecasting service now brings the next small revolution to supply chain management: Until now, products on the forecasting software market have been very costly and required a very skilled operator in order to work to their full potential. Lokad has eliminated the need for both, meaning that we do all the forecasting for you, at a fraction of the traditional cost.
Optimize, save time and money
Optimize with Lokad: Increase your service level and customer satisfaction through the right inventory at the right time.
Save time with Lokad: We generate a sound forecast for you, with our “one click” forecasting solution. A sound statistical forecast can often be used unchanged to increase the quality of your planning processes. In case you have external information not reflected in the forecast, even better, our solutions give you full flexibility to adjust the forecast in a simple Excel solution.
Save cost with Lokad: Attack one of your principle cost drivers: Capital, warehousing, handling costs, stock obsolescence, administration!
Find our more about how Lokad works on our
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