ToolsGroup
MARCH 19, 2025
At ToolsGroup, we’ve long championed probabilistic demand forecasting (also known as stochastic forecasting) as the cornerstone of effective supply chain management software. Like betting that a champion racehorse will win a specific race, this “single-number” forecast assumes one definitive result.
ToolsGroup
FEBRUARY 12, 2025
But many supply chain practitioners dont realize that the most common approach to supply chain planningusing a demand-driven forecast as the primary input to future planningis just as outdated. Forecast Accuracy vs. Uncertainty Uncertainty-driven demand forecasting assumes that accuracy is an ongoing challenge.
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ToolsGroup
JUNE 29, 2020
Adding to this already uphill battle, we don’t have trustworthy new product forecasting methods because forecasting new products with no sales data is very hit-and-miss. Machine learning (ML) provides an effective weapon for your new product forecasting arsenal. Why is new product forecasting important?
ToolsGroup
MARCH 17, 2025
The Power of Probabilistic Demand Forecasting Software Traditional supply chain management relied on historical data and single-point forecasts, leaving businesses vulnerable to disruptions. Probabilistic Demand Forecasting represents a paradigm shift in supply chain planning. On average, our customers achieve: 99.9%
ToolsGroup
FEBRUARY 24, 2025
Demand forecasting has evolved dramatically in recent years. Traditional forecasting methods often fail under high variability, leading to excess costs, stockouts, and obsolescence. What is Demand Forecasting in Supply Chain Management? What is Demand Forecasting in Supply Chain Management? Image source: Stefan de Kok 2.
Logistics Viewpoints
MARCH 27, 2023
When it comes to running a company, when things break down executives have traditionally said “we need to improve our forecasting!” Would better forecasting accuracy be a good thing? Unfortunately, most companies cannot, and will never be able to, consistently rely on highly accurate forecasts. Absolutely!
ToolsGroup
NOVEMBER 2, 2020
Melitta Sales Europe (MSE) embarked on an initiative to revamp existing planning and forecasting processes to increase efficiency and sustainability. The process brings together all the plans for the business (sales, marketing, development, manufacturing, sourcing, and financial) into one integrated set of plans.” A Perfect Brew.
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