Case study
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Previously, their forecasting process was generally static in nature - this meant that it was tricky to know with certainty that the leading indicators selected were the correct indicators.
In the absence of a dynamic interplay between selecting the right indicators and internal data, this meant that it was tricky to know if the leading indicators selected were indeed the correct indicators to take into consideration.
Time is a valuable asset in dictating the level of resources you need to allocate to make decisions that move the needle.
Previously, their forecasting process involved manual, almost administrative work associated with importing different files, and constantly updating them.
“If there is a change, we can clearly see the indicators that are valued higher, either with a pronounced higher contribution or higher influence, and when they do change in position."
A leap to improved forecasting methodology
Using Indicio’s methodology of selecting leading indicators, they have now successfully moved from using the same 5 indicators, to testing a set of indicators and getting immediate feedback on which indicators to use or consider for each forecast.
They now also have the capacity to drill down into a month-to-month forecast.
The key demand planner and forecast analyst at this organization explain, “If there is a change (either an upturn or downturn), we can clearly see the indicators that are valued higher, either with a pronounced higher contribution or higher influence, and when they do change in position.
This was not limited to
demand planning forecasting
“There were a couple of cases where they (the Market Intelligence) were working on defining their market size prognosis, and they came across one or two indicators that were relevant to their forecasts.
They were then adamant to get more insight into the trajectory of prices, and what market size they could forecast."
Easy rollout and implementation across departments
This cooperation was enabled by a no-fuss rollout between the different departments. They were able to get up and running in no time as it was “easy to manage and in the technical sense, easy to set up.”
With access to a common pool of data inputs (in the form of leading indicators), the Market Intelligence team members could also seamlessly select and pull from this to generate their desired forecasts.
Whether your goal is to increase market share or safeguard against volatility,
the road to making decisions confidently lies in generating accurate forecasts you can trust.
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