The Smart Forecaster

Pursuing best practices in demand planning,

forecasting and inventory optimization

Prepare your spare parts planning for unexpected shocks

Prepare your spare parts planning for unexpected shocks

In today’s unpredictable business climate, we do have to worry about supply chain disruptions, long lead times, rising interest rates, and volatile demand. With all these challenges, it’s never been more vital for organizations to accurately forecast parts usage, stocking levels, and to optimize replenishment policies such as reorder points, safety stocks, and order quantities. In this blog, we’ll explore how companies can leverage innovative solutions like inventory optimization and parts forecasting software that utilize machine learning algorithms, probabilistic forecasting, and analytics to stay ahead of the curve and protect their supply chains from unexpected shocks.

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Uncover data facts and improve inventory performance

Uncover data facts and improve inventory performance

The best inventory planning processes rely on statistical analysis to uncover relevant facts about the data. When you have the facts and add your business knowledge, you can make more informed stocking decisions that will generate significant returns. You’ll also set proper expectations with internal and external stakeholders, ensuring there are fewer unwelcome surprises.

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Electric Utilities’ Problems with Spare Parts

Electric Utilities’ Problems with Spare Parts

Every organization that runs equipment needs spare parts. All of them must cope with issues that are generic no matter what their business. Some of the problems, however, are industry specific. This post discusses one universal problem that manifested in a nuclear plant and one that is especially acute for any electric utility.

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What data is needed to support Demand Planning Software Implementations

What data is needed to support Demand Planning Software Implementations

We recently met with the IT team at one of our customers to discuss data requirements and installation of our API based integration that would pull data from their on-premises installation of their ERP system. The IT manager and analyst both expressed significant concern about providing this data and seriously questioned why it needed to be provided at all.

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Types of forecasting problems we help solve

Types of forecasting problems we help solve

Generating accurate statistical forecasts isn’t an easy task. Planners need to keep historical data continually up to date, build and manage a database of forecasting models, know which forecast methods to use, keep track of forecast overrides, and report on forecast accuracy. Here are examples of forecasting problems that SmartForecasts can solve, along with the kinds of business data representative of each.

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How to Forecast Spare Parts with Low Usage

How to Forecast Spare Parts with Low Usage

What do you do when you are forecasting an intermittently demanded item, such as a spare part, with an average demand of less than one unit per month? Most of the time, the demand is zero, but the part is significant in a business sense; it can’t be ignored and must be forecasted to be sure you have adequate stock.

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The top 3 reasons why your spreadsheet won’t work for optimizing reorder points on spare parts

The top 3 reasons why your spreadsheet won’t work for optimizing reorder points on spare parts

We often encounter Excel-based reorder point planning methods. In this post, we’ve detailed an approach that a customer used prior to proceeding with Smart. We describe how their spreadsheet worked, the statistical approaches it relied on, the steps planners went through each planning cycle, and their stated motivations for using (and really liking) this internally developed spreadsheet.

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Recent Posts

  • professional technician engineer planning spare parts in industrial manufacturing factory,Prepare your spare parts planning for unexpected shocks
    In today's unpredictable business climate, we do have to worry about supply chain disruptions, long lead times, rising interest rates, and volatile demand. With all these challenges, it's never been more vital for organizations to accurately forecast parts usage, stocking levels, and to optimize replenishment policies such as reorder points, safety stocks, and order quantities. In this blog, we'll explore how companies can leverage innovative solutions like inventory optimization and parts forecasting software that utilize machine learning algorithms, probabilistic forecasting, and analytics to stay ahead of the curve and protect their supply chains from unexpected shocks. […]
  • Uncover data facts and improve inventory performanceUncover data facts and improve inventory performance
    The best inventory planning processes rely on statistical analysis to uncover relevant facts about the data. When you have the facts and add your business knowledge, you can make more informed stocking decisions that will generate significant returns. You'll also set proper expectations with internal and external stakeholders, ensuring there are fewer unwelcome surprises. […]
  • Electricity problems. Repairman is working indoors with Software for spare partsElectric Utilities’ Problems with Spare Parts
    Every organization that runs equipment needs spare parts. All of them must cope with issues that are generic no matter what their business. Some of the problems, however, are industry specific. This post discusses one universal problem that manifested in a nuclear plant and one that is especially acute for any electric utility. […]
  • Correlation vs Causation Relevant to your demand planning businessCorrelation vs Causation: Is This Relevant to Your Job?
    Outside of work, you may have heard the famous dictum “Correlation is not causation.” It may sound like a piece of theoretical fluff that, though involved in a recent Noble Prize in economics, isn’t relevant to your work as a demand planner. Is so, you may be only partially correct. […]
  • Downtown Miami skyline panorama and with software guided lights on at duskSmart Software Customer, Arizona Public Service to Present at USMA 2023
    Smart Software CEO and APS Inventory & Logistics Manager to present USMA 2023 Session on APS supply chain transformation project and the role of inventory optimization technology in their new process. […]

    Inventory Optimization for Manufacturers, Distributors, and MRO

    • professional technician engineer planning spare parts in industrial manufacturing factory,Prepare your spare parts planning for unexpected shocks
      In today's unpredictable business climate, we do have to worry about supply chain disruptions, long lead times, rising interest rates, and volatile demand. With all these challenges, it's never been more vital for organizations to accurately forecast parts usage, stocking levels, and to optimize replenishment policies such as reorder points, safety stocks, and order quantities. In this blog, we'll explore how companies can leverage innovative solutions like inventory optimization and parts forecasting software that utilize machine learning algorithms, probabilistic forecasting, and analytics to stay ahead of the curve and protect their supply chains from unexpected shocks. […]
    • Electricity problems. Repairman is working indoors with Software for spare partsElectric Utilities’ Problems with Spare Parts
      Every organization that runs equipment needs spare parts. All of them must cope with issues that are generic no matter what their business. Some of the problems, however, are industry specific. This post discusses one universal problem that manifested in a nuclear plant and one that is especially acute for any electric utility. […]
    • Worker maintenance industrial machine robotic Forecasting Spare PartsHow to Forecast Spare Parts with Low Usage
      What do you do when you are forecasting an intermittently demanded item, such as a spare part, with an average demand of less than one unit per month? Most of the time, the demand is zero, but the part is significant in a business sense; it can’t be ignored and must be forecasted to be sure you have adequate stock. […]
    • Spare Parts, Replacement Parts, Rotables, and Aftermarket PartsSpare Parts, Replacement Parts, Rotables, and Aftermarket Parts
      Those new to the parts planning game are often confused by the many variations in the names of parts. This blog points out distinctions that do or do not have operational significance for someone managing a fleet of spare parts and how those differences impact inventory planning. […]