How Does Manufacturing Forecasting Software Compare to Traditional Forecasting Tools?

Artificial Intelligence (AI) 

AI analyses trends and identifies patterns in historical data sets which allows manufacturers to highlight periods of peak or low demand. The system can highlight how best to prepare for these periods by optimising production levels and knowing when and how much stock to order.

By providing a highly accurate manufacturing forecast, risks can be minimised, and you can streamline other business areas. For example, you can significantly reduce the risk of wasted materials, costs, and resources by getting the forecast as accurate as possible - you can produce or purchase the right volume of products needed to meet demand with minimal waste, reducing the risk of buying in too much or too little which incurs further costs to the business and diminishes customer experience. 

Machine Learning  

Machine learning can learn from past experiences regarding manufacturing forecasting abilities and considers other factors that may not be apparent with traditional models.

The use of machine learning has ultimately relinquished the need for traditional methods by providing highly accurate predictions while also being able to process vast amounts of data in a short time, which is particularly difficult when forecasting traditionally. 

Business Intelligence Reporting 

BI (Business Intelligence) technology allows business data to be analysed and converted into a visual form, making obtaining value from big data easy. 

This can save staff days – traditional methods would require tracking down information, which could often be in different locations, and then compiling this into a report. With BI, this process is automatic and can be pre-determined to provide users with the most useful and valuable information relating to their job or task at the time. 

Being able to take data from all areas of the business and analyse it in one central location allows for better forecasting. Manufacturing forecasting software operates in real-time, always giving you the most up-to-date information in a clear format. One of the most important parts of reporting is clarity – non-technical readers need to be given data in an easy-to-read way. Clear reports allow action to be taken quickly.  

So, does technology mark the end of traditional manufacturing forecasting methods? 

Yes, we believe it does. Traditional forecasting methods are being rapidly replaced by the latest software and giving manufacturers greater accuracy in planning for their future. Achieving a greater degree of accuracy ensures materials, resources and money are better utilised and do not go to waste, meaning greater profit margins and a more streamlined production process.

Manufacturing forecasting software can save you vast amounts of time and resources in areas such as material resources planning, sales forecasting, and production. This can free up time within factories so that employees can utilise their time more effectively on tasks that matter.  Integrating ERP software with IoT devices can further the accuracy, and benefits you gain, from forecasting with technology. 

Interested to find out how manufacturing software with AI, machine learning and BI could support your business?

At Syscom, we have worked with manufacturers for over 35 years. We offer manufacturing ERP software solutions with artificial intelligence, machine learning and business intelligence reporting to support businesses with forecasting, plus all the other benefits this technology brings to a manufacturer.

If your systems are over five years old, it’s likely that this technology may not be available to you. How much could this technology and the decisions you make based on information affect your business's future?

For a discussion about this in more detail, get in touch with our team today at 01384 400 600, email info@syscom.plc.uk or submit a contact form below.