The goal of forecast optimization assessment is to collaborate with the customer to identify ways to improve their forecast which will allow customers to begin achieving greater value from their supply chain. In a forecast optimization project, Blue Harbors’ consultants will analyze your current demand planning and sales forecasting processes as part of an initial forecast optimization assessment. The forecast monitor add-on tool will be used in assessing the quality of forecasts. Our team will then deliver a report laying out the potential improvements areas for forecast accuracy, along with probable precise recommendations from a process and IT perspective. Additionally, our team will provide company-specific forecast models that are generated as part of the forecast optimization project.
The baseline activities for a forecast optimization project implemented by Blue Harbors are:
- Identify scope of relevant inventory to forecast.
- Determine the forecasting levels and basis.
- Identify the key elements that influence the forecast.
- Analyze historical data.
- Define the parameters around which forecast accuracy will be measured.
- Create forecast models and define model parameters.
- Final validation of forecast results.
Blue Harbors would like the opportunity to further discuss this project should it be of relevance to your organization. The typical timeline for a forecast optimization project is between 2 and 4 weeks.