A number of factors can corrupt your demand forecast, including dirty data, the weather, market change or anomalies and events. Data Profits’ demand cleansing can ensure you’re prepared to face these challenges. The resulting demand is stored in our data warehouse and applied to our Base+ Demand Forecast engine. Learn more about Data Profits’ demand cleansing.
Data Profits iKIS solution uses advanced algorithms to generate product / location(s) (Company, DC, Store and Vendor each) weekly demand forecast based on the demand history. Need a product / store demand forecast, need a product company demand forecast, get all your products forecasted at the different locations from iKIS. Reviewing the demand history and user comments then identifying the best algorithm; Base+ automatically selects the best demand forecast that fits the demand sales and user input. Out of the box averages have been 93% accurate, that means less time managing the demand forecast and more time focused on future events.
Before fully turning over the iKis solution to you and your team, Data Profits wants to guarantee that you understand the solution and how to make it work best for you and your company’s needs. During this step in the process, Data Profits will provide multi-tiered end user training. At Data Profits we understand that replenishment personnel, merchants and suppliers do not all want or need the same information to do their job. Therefore, we will train each level on how to customize their pages and dashboards based on their needs and specific job responsibilities. During this step, Data Profits will also perform system testing to ensure user understanding of the iKis solution. Following end-user training and system testing the Data Profits team will determine the readiness of the solution and your team to go live. Once it has been determined that the system is ready to go live a Kick Off Party is held, marking the official launch of the solution and to pump up your team about the new inventory management solution.
More than 14 different algorithms and methods are used to find the right demand forecast. We utilize a host of different demand forecasting algorithms and methodologies to give you the most accurate forecast possible. In fact, we automatically and expertly select the most optimal methodology for each individual product and location that we demand forecast. Our customers consistently see demand forecasting accuracy over 90%.
Do sales track on a pattern based on time? If you have sales once a year, once a month, or four times a year, then that’s a seasonal pattern. When sales curves rise or fall and are not based on time or events, then that’s a market trend. iKIS is one of the only solutions on the market that can identify a market trend and calculate the impact to the base demand forecast.
Sometimes you just know what needs to happen. Things happen in retail: budgets cut, budgets increased, new products, replacement products, one product is broken out into 4 colors and 4 UPC, 4 UPC are going to be sold under one SKU. It can seem complicated, iKIS is ready, tell the system what is happening and provide the list of products and locations, iKIS can automate the rest.
New Products are critical to the success of your business. We provide the following tools to help you with new products:
Tell us when, what type, event detail, product/ location details. iKIS demand forecasting will project the sales and post event, record the impact of the event. Events can be your own, weather, competition, price optimization*, markdowns* and more – limitless possibilities. iKIS can track the events, demand forecast the sales and measure the results, storing the results to use when you repeat the event. Now the system can take the current sales and review from past events to further expand your understanding of what events provide what results – real planning power.
Want to get updates as soon as possible? Subscribe to the blog and we‘ll send you a message whenever there’s a new item.
