Successful round table meeting on ‘Managing Demand with Predictive Analysis’

Successful round table meeting on ‘Managing Demand with Predictive Analysis’

10 juli 2017

On June 27th EyeOn Forecast Services hosted an inspiring round table meeting  on ‘Managing Demand with Predictive Analysis’. A total of 24 persons from 13 different companies attended the meeting that took place in the Amsterdam Olympic Stadium.

The venue hosted the Olympics in 1928, in a time in which data was not available on big scale and computers were not invented yet. How different is that in 2017. Year by year, business becomes more and more dynamic and companies face new challenges to react to this dynamic environment. And that’s exactly where this meeting was about. What does your company need to do to be ready to manage your demand for the next years.

Our guest speaker – PhD candidate Bregje van der Staak – showed the first findings on the impact of human behaviour in forecasting. Why do humans have such a strong preference to adjust a forecast to round numbers? What is the true added value of such corrections? The discussion which took place during this presentation made clear that the results were triggering.

In the afternoon three different cases were presented. The first case showed how, in a project for a consumer products company, a wide variety of data (scraping – reviews etc, POS and sell in data) is used to sense demand changes. This data is helping marketing, sales and demand planners to quickly react to market changes and reduces the respond time from multiple weeks to even days.

One of our data scientists, Koen Koolen, shared insight in prediction supermarket demand using promotion forecasting. Koen showed that using the different characteristics of a promo, like the type of discount and where the promo takes place, it is possible to model the forecast in a way to increase forecast accuracy but especially reduce bias.

The day was closed with a third case. During this last session a case on optimizing inventory by the use of supply chain modelling was presented. The stepwise approach which was used during this project was explained in detail, in which was shown how important it is to take the organization along with these changes (using Big Rules).

The inspiring day was closed with a networking drink afterwards, where the discussion on the different presentations continued.

We would like to thank all participants for joining our round table meeting ‘Demand Planning & Predictive Analysis’.

Interested in more topics related to supply chain planning? Have a look at our Events agenda!

 

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