ForecastX Will Jumpstart Your Forecasting Process

ForecastX enables users to perform a one-step expert selection forecast, known as Procast. Procast can run on a single data series or many series at once, and the Wizard has no limits on the amount of data that it can be processed - it is only limited by the power of Microsoft Excel.

Procast will determine the best forecasting technique for each data series in your particular data set, choosing from among the most complex forecasting techniques. By clicking the ForecastX icon, you can produce fast, accurate and easy-to-read results. 

New Product Curve

ForecastX will also take new product growth curves into consideration. This technique is useful when planning new product launches and determining when the product launch ramp period will end.

Safety Stock & Confidence Levels

ForecastX allows you to calculate statistical safety stocks and confidence intervals to manage the risk of your forecast, so you can plan with confidence. Safety stocks are calculated based on forecast error, desired customer service levels and lead time, ensuring better customer service with optimal inventory. Confidence intervals allow you to visualize the risk in your forecast by seeing the range of likely values. Go to the Statistics tab to find these two options.

Collaboration & Accuracy Reporting

Use ForecastX to begin defining your process and building an internal collaborative network. With the Forecast Adjust and Tracking Table features, you have the ability to not only track the changes that are made by different departments but reconcile those figures with the final forecast. ForecastX now offers an Accuracy Report that allows you to track the effectiveness of these final forecasts over time, comparing them to actual values to understand the effectiveness of your process overall.

Stocking Level (Slow Moving Method) Forecast

The Stocking Level Forecast is useful to forecast items that are slow moving and have sporadic demand streams. The results provide reliable stocking levels, which enables you to meet the desired service level even when sales are extremely unpredictable.  

Distribution Requirements Planning (DRP) Reporting

ForecastX also allows you to use the forecast to calculate recommended orders in the new and improved DRP Report. Based on your current inventory on hand, open orders, lead time, replenishment model, and desired order quantities, ForecastX will calculate how your inventory will be consumed by demand and recommend orders to meet that demand within your inventory targets. With the On-Fly DRP option, your report becomes interactive - you can use to it to perform “what if” analysis to understand how forecast changes affect inventory levels.