J.D. Edwards & Co. this week unveiled supply chain management software designed to help companies predict and prepare for future sales.
Demand Forecasting analyzes historical sales and shipment data and applies algorithms to statistically predict demand. The goal is to help companies better manage product supply and demand, maximizing revenue and reducing excess inventory. Available now, the collaborative module is the first component of J.D. Edwards’ forthcoming SCM suite, Supply Chain Management 9.0.
Demand Forecasting incorporates an automated forecasting engine from analytic software maker SPSS. Additional features include safety stocking to help maintain optimal inventory levels and scenario-based functions to identify exceptions.
The software will appeal to midsize companies because it’s designed to be flexible and easy to use, J.D. Edwards says. The vendor is targeting companies in the pulp and paper, utility, energy, chemical, industrial manufacturing and electronics industries.
Demand Forecasting works in tandem with J.D. Edwards’ Demand Consensus product, which was announced last year. Deployed together, the two modules will give FW Murphy the statistical forecast foundation it needs to build an accurate view of product demand, said Mitch Myers, vice president of operations at the Tulsa, Okla., manufacturer of equipment controls, in a statement. "A better forecast will allow us to reduce inventory levels, improve our production planning processes and improve customer service," Myers said.