Forecast Errors
Volume 2, Issue 13, March 30, 2015
A forecast error is the difference between the actual and predicted value. The consequences are expensive inefficiencies that can be resolved with lean manufacturing technology.
Supply Chain Forecasting & Planning Eliminates Forecast Errors
Supply Chain Forecasting & Planning encompasses the fundamentals of demand planning and eliminates forecast errors. The key elements of measuring forecasting performance and shaping manufacturing organizational footprint for the future means companies must successfully deploy a new forecast planning infrastructure; devise effective steps to drive costs down in demand planning and still maintain forecast integrity; and collaborate with various functional areas in the organization while maintaining forecast excellence. Manufacturers are building the best demand planning team within budget constraints, while moving from 'worst practices' to best practices in just a few easy steps. View more.
Supply Chain Visibility; the Ultimate Kaizen Event
Mark Rosenthal recently authored an article for Quality Digest about how kaizen differs from a kaizen event. He discusses fixing problems vs. improving ourselves. “Kaizen” is now an English word—it’s in the OED—and defined as such: “Noun. A Japanese business philosophy of continuous improvement of working practices, personal efficiency, etc. Origin. Japanese, literally ‘improvement.’” Jon Miller of the Kaizen Institute was raised in Japan and offers up this nice breakdown of the meaning behind the meaning. Kaizen = Change for the better. Read more.
Aberdeen Group International Supply Chain Performance & Investment Disparity
Global supply chains are much more complex than their domestic counterparts. In fact, a 1% improvement in international supply chain efficiency will yield a much greater return than investment in the domestic supply chain. Aberdeen Group's report, Domestic vs. International Supply Chain Performance & Investment Disparity, talks about the significant performance gap between global leaders and laggards, and key automation strategies that can save over $17 million annually. These are tools to avoid forecast errors. View here.
Forecast Errors Avoided by Integrating Lean Six Sigma and BPM
Forrest W. Breyfogle III recently authored a feature article for Quality Magazine discussing how Business Process Management and Lean Six Sigma can work very well together. Each system has something great to contribute to an organization, which results in a higher level of power when combined. However, today not all organizations throughout the world either recognize the benefits or have failed to implement the combined initiatives through a system such as Integrated Enterprise Excellence. Read More.
Move from forecast errors to demand driven accuracy:
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