This approach is advocated nearly universally for assessing forecast accuracy. It’s a good way to assess monthly or weekly forecast accuracy, but it is minimally useful if you have a different objective: Optimizing inventory.
- Extend Epicor Prophet 21 with Smart IP&O’s Fo…Smart Inventory Planning & Optimization (Smart IP&O) can help with inventory ordering functionality in Epicor P21, reduce inventory, minimize stockouts and restore your organization’s trust by providing robust predictive analytics, consensus-based forecasting, and what-if scenario planning. […]
- Supply Chain Math: Don’t Bring a Knife to a Gunfi…Math and the supply chain go hand and hand. As supply chains grow, increasing complexity will drive companies to look for ways to manage large-scale decision-making. Math is a fact of life for anyone in inventory management and demand forecasting who is hoping to remain competitive in the modern world. Read our article to learn more. […]
- Service Parts Planning: Planning for consumable pa…When deciding on the right stocking parameters for spare and replacement parts, it is important to distinguish between consumable and repairable servoce parts. These differences are often overlooked by inventory planning software and can result in incorrect estimates of what to stock. Different approaches are required when planning for consumables vs. repairable service parts. […]
Pursuing best practices in demand planning, forecasting and inventory optimization
- The Supply Chain Blame Game: Top 3 Excuses for In…Blog, Inventory control, Inventory Optimization, Operational AnalyticsThe supply chain has become the blame game for almost any industrial or retail problem. Shortages on lead time variability, bad forecasts, and problems with bad data are facts of life, yet inventory-carrying organizations are often caught by surprise when any of these difficulties arise. So, again, who is to blame for the supply chain chaos? Keep reading this blog and we will try to show you how to prevent product shortages and overstocking. […]
- Managing Inventory amid Regime ChangeDemand Planning, Inventory OptimizationIf you hear the phrase “regime change” on the news, you immediately think of some fraught geopolitical event. Statisticians use the phrase differently, in a way that has high relevance for demand planning and inventory optimization. This blog is about “regime change” in the statistical sense, meaning a major change in the character of the demand for an inventory item. […]
- Goldilocks Inventory LevelsBlog, Inventory control, Inventory OptimizationYou may remember the story of Goldilocks from your long-ago youth. Sometimes the porridge was too hot, sometimes it was too cold, but just once it was just right. Now that we are adults, we can translate that fairy tale into a professional principle for inventory planning: There can be too little or too much inventory, and there is some Goldilocks level that is “just right.” This blog is about finding that sweet spot. […]