Hitachi Solutions East launches Forecast Pro TRAC system

Hitachi Solutions East Japan, Ltd. A successor to the demand forecasting support system “Forecast Pro,” which applies statistical models and machine learning AI models to forecast future demand based on data such as sales performance and external factors.

“Forecast Pro TRAC” will be available from July.

In recent years, the importance of supply chain management (SCM) has increased for many companies due to natural disasters, geopolitical risks, and the weak yen. In particular, demand forecasts and sales plans, which greatly affect the formulation of plans for purchasing, production, sales, personnel deployment, capital investment, fund procurement, etc., are extremely important tasks. Deterioration in planning accuracy can lead to lost opportunities and excess inventory, so highly accurate demand forecasts and sales plans are essential to maximizing a company’s profits.

“Forecast Pro” is a demand forecasting package software that has been adopted by 500 companies in Japan and 12,500 companies globally in a wide range of industries.

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Based on data such as past sales performance, it is possible to make demand forecasts that take into account multiple past and future external factors such as promotions and campaigns, temperature, weather, and economic indicators.In addition, for future predictions, 11 types of forecasting methods are available, including machine learning, exponential smoothing, Box-Jenkins method, and similarity model (forecasting method for new products), and highly accurate demand forecasts are realized by utilizing the forecast automatic selection function (expert system) that automatically selects the optimal forecasting method based on data trends.

Furthermore, the system can clearly show the basis for the forecast, and you can check the reasons why a particular forecast was reached. This allows you to provide an accurate explanation to the relevant departments, and you can use the demand forecast results with a sense of satisfaction.

The successor product, Forecast Pro TRAC, not only includes the functions of the previous product, Forecast Pro, but also expands on the collaboration functions that many customers have requested, enabling smooth sales planning across departments with different planning axes and units.

In addition, by comparing the accuracy of different forecast models and tracking past forecast results against actual results, we can evaluate and analyze discrepancies and help you review your forecast models and planning processes.

Hitachi Solutions East Japan has been providing supply chain planning package software and SCM human resource development services for over 30 years, and has extensive experience and knowledge in building a series of supply chain management (SCM) systems, from demand forecasting to inventory replenishment planning and production schedulers.

By adopting this new, advanced successor product, “Forecast Pro TRAC,” we hope to significantly improve our customers’ demand forecasting and sales planning processes, further contributing to greater management efficiency.

SOURCE: PRTimes