My client is currently working on demand forecasting for their products. They have asked me for some advice on demand forecasting using JMP. I think Time Series Forecast platform will suit in their case because they have thousands of items to forecast. I would appreciate it if someone could share with me some advice when doing demand forecasting using Time Series Forecast.
Their situation is as follows:
- They want to forecast demand for the next few months for thousands of items using historical monthly sales data (few years).
- Currently they are using simple moving average approach for forecasting.
- There is variety of sales pattern. Some items have seasonal pattern. Some items can be forecasted using moving average approach.
Here are some questions:
- Does anyone know a customer who does demand forecasting using JMP? It would be helpful to learn from your/their experiences, understand any lessons they have learned, and explore the strategies they have used to improve the accuracy of their demand forecasts.
- How often should we update our demand forecasts to ensure accuracy? Are there best practices for monitoring and adjusting our forecasts as new data becomes available?
- Are there any potential challenges or pitfalls that we should be aware of when conducting demand forecasting?
Any other insights or recommendations you can provide regarding demand forecasting would be greatly appreciated.
