Forecasting and staging inventory effectively is critical, making a strong understanding of current and future inventory requirements. We have already examined how reliable logistics forecasting can be an accelerator of business growth. Let’s explore the common strategies and steps that supply chain managers can use to significantly enhance forecasting speed and accuracy.
Logistics forecasting requires robust computer modeling. To achieve this, it’s important to focus effort on three main areas:
- Process-based forecasting improvements
- Data-based forecasting improvements.
- Technology-based forecasting improvements.
There are many enablers in each of these areas, dependent on your sector, industry, and marketplace. We provide helpful starting points below.