GREATER PRECISION WITH STATISTICAL FORECASTING
Greater accuracy – a watchword in new solution
A large international production company had a desire to improve the quality of forecasts of the sales volume. In short: reduce the difference between the forecast and the actual volume sold.
A more precise forecast would help the company to organise and utilise the production capacity optimally and to ensure to a greater degree that the order book matched the production capacity.
The company had an extensive historical data foundation in relation to the sales volume; consisting of, among other things, historical production data and order history. But because of the complexity and volume of the data foundation, the company had difficulty converting raw data into useful information.
“We had a desire to become better at looking out into the future. We are a company with many data points, and we would like to be able to piece data together in the right way to increase the precision of our sales forecast”, says the project manager at the company. “And because we work in an industry in which new orders often are submitted on short notice, and in which our customers ask for great flexibility in relation to delivery, it means that we must be especially good at predicting when our customers are expected to place orders”, adds the company’s sales director.
exacto was hired to develop a more accurate, automated and data-driven forecasting solution. There was a need to move away from heavy Excel sheets and over to a quicker solution, based on Excel and SQL – exacto’s specialty.