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Predicting Demand in the Food Industry

32m ago
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Columbus is an expert in Food. In this short video one of our food experts explains the importance of predicting demand and some of the methods to employ using a Food ERP solution. For more information visit www.columbusglobal.com/food Transcript of video "Predicting demand is more important in today's industry than it has ever been. The need for consumers to get their goods faster and cheaper means that manufacturers of all ilk's need to understand where that demand is coming from and how to fulfil that demand as quickly and as efficiently as possible. Demand, depending the industry that the business is in, can be influenced by many different factors whether its new product releases or whether it is seasonal or weather based. If you're in the food industry as a simple example you'll sell many muffins in Easter if it's cold but if it is a hot Easter you won't sell many, so accumulating data, getting massive amounts of big data if you like within your system whatever system that may be and analysing it, predicting where the demand is going to fall is critical because you are supplying in many cases in advance of that demand. When the demand comes along you need to fulfil it quickly. Using a modern ERP system, that captures historical data or references historical data, can take those units or elements across customers, across data periods, you can aggregate them, add algorithms to them to ultimately get to a forecast number. That forecast number is then what you are going to make and it's automatically in your ERP system due to the demand forecasting that you're analysing. It's all in one place so not only do you do the forecast analysing in your ERP system, the end results you ultimately action to produce a production plan to fulfil those needs are also in your ERP.