Traditional demand forecasting techniques face challenges with accurately predicting demand for products or services, as well as adapting to rapidly changing market conditions and consumer behaviour. Some customers have usual manual forecasting techniques for demand.
Minfy’s Forecast AI solution can create competitive advantage, reduce out-of-turn expenses and improve product mix through more accurate forecasting. Forecast AI combines data from your traditional demand forecasting solution (multiple data sources) with external data like weather, seasons, trends to create more accurate forecasts.
Demand Planning: Forecast.ai can analyze historical sales data, market trends, and external factor to provide accurate demand forecasts for manufacturing companies. This helps optimize production schedules, inventory management, and procurement activities, reducing stockout and minimizing excess inventory.
Supply Chain: By leveraging Forecast.ai, manufacturing can optimize their supply chain operations by predicting demand fluctuations and adjusting procurement and distribution processes accordingly. This ensures timely delivery of materials, reduces costs, and enhances overall supply chain efficiency.
Production Planning: Forecast.ai helps manufacturing forecast future demand patterns, enabling then to plan and allocate production capacities effectively. This allows companies to optimise resource utilization, improve operational efficiency, and make informed decisions about expanding or contracting their production facilities.
Inventory Management: Forecast.ai can assist pharmaceutical companies in accurately predicting demand for drugs and medical supplies. This helps optimize inventory levels, reduce waste, and ensure timely availability of critical medications.
Supply Chain: With Forecast.ai pharmaceutical companies can optimise their supply chain operations by forecasting demand for raw materials, active pharmaceutical ingredients (APIs), and finished products. This ensures uninterrupted productions, minimizes stockout, and reduces overall costs.
Clinical Trial Optimization: By utilizing Forecast.ai, pharmaceutical companies can forecast patient recruitment rates for clinical trials. This aids in efficient trail planning, resource allocation, and overall trial management.
Load Forecasting: Forecast.ai can accurately predict every demand at different time intervals, such as hourly, daily, or monthly, considering various factor like weather conditions, historical usage and events. This helps energy companies optimise power generations, grid management and distribution, reducing costs and ensuring stable supply.
Renewable Energy Integration: With Forecast.ai, energy provides can forecast energy generations from renewable sources, such as solar or wind, based on historical data and weather patterns. This enables better integration of renewable energy into the grid, optimising energy dispatch, and facilitating the transition towards a more sustainable energy mix.
Assets Maintenance Planning: By leveraging predictive analysts, Forecast.ai can analyse sensor data from energy infrastructure and predict equipment failures or maintenance needs. This proactive approach helps energy companies schedule maintenance activities, minimise downtime, and reduce unplanned outages, leading to improved asset reliability and customer satisfaction.
An ice-cream manufacturing firm wanted to improve their forecast accuracy throughout the value chain - at the manufacturing plant as well as their warehouses. They observed stock-outs of specific SKUs and categories while over-stock of others. They do manual forecast, but the accuracy is ~50% at an SKU level
4 years of historical demand data of 97 SKU’s
+
Production Planning
Reduction in Stock Outs
A utility needed to forecast power demand based on the recent patterns. If forecast values are out of a specified range (+- 5% from true value) high penalties are imposed. If the forecast is not accurate, it may also lead to problems like acute shortage of power (outage), power purchase at higher prices, etc
2 years of historical demand data of 4 zones
+
Reduced Deviation Settlement Penalty
Cost Saving in Power Procurement
.avif)
%201.avif)
Minfy’s approach of IP based solutions is agile to enable quicker time to market
Minfy will use their Industry Value Maps as the core framework to build these solutions by working backwards from customer inputs
Ongoing innovation and AI IP creation will ensure that the solution factory stays cutting edge
Minfy has the right team of experts, from developers to data scientists
Minfy will bring AWS ISV partners for complete solution development (if required)
Minfy will bring together IP, implementation and support (along with limited domain)
