How to Access Forecast Forecastability Measurement

Executive Summary

  • Forecastability can be accessed through using the Brightwork Explorer.
  • This article discusses this future option.

Introduction

Companies struggle with segmenting their database in a way that allows them to allocate their planning labor effectively. They also often don’t know or have a mathematical measurement for how forecastable their dataset is. The concept of forecastability is how inherently a dataset is with statistical methods. Many people think that more difficult to forecast datasets are helped with more advanced forecasting methods, when in fact the opposite is the case. Furthermore, the forecastability is getting worse for most companies as marketing is continually adding new products to the database that a company has to carry and therefore forecast.

We have developed a forecastability score. Each product location is declared either forecastable or not forecastable. And then the overall database is given a forecastability score base upon combining the individual product location combinations. This will be rolled out in the future.

  • Need an Easy to Use Way to Tune Forecasting and MRP Systems?

    We are close to releasing Brightwork Explorer, a new SaaS application which makes forecasting and MRP systems. Highlights include the following:

    • It contains our customized dynamic safety stock calculation, tuned after finding the limitations of the standard calulators.
    • It provides multi constraint visibility.
    • Has an amazing ease of use combined with sophistication.
    • It can provide visibility to tradeoffs related to service level and inventory in the most direct way we have ever seen in any application....and much more
    • It is free to use until it receives "serious usage" and is free to academics, students.

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