Demand Forecasting for a Medical Devices Company
Demand forecasting using near real-time data is crucial to optimize your supply chain
One of the largest medical technology companies in the world was looking to revamp its existing supply chain model. At the macro-level, the client wanted:
• Improve the accuracy of its demand forecasting model to increase supply chain efficiency
• Create a framework that can forecast at acceptable high-levels of accuracy which was currently not possible due to demand-stream volatility.
THE MU SIGMA APPROACH:
Mu Sigma created an advanced analytical framework aimed at improving the client’s demand forecasting. We followed a comprehensive methodology to enhance existing forecast accuracy to ensure short term accuracy and long-term volume alignment.
Mu Sigma helped improve accuracy of forecasting from previous 53% to 70% with nearly 95% accuracy across stable segments. The solution also stabilized overall process efficiency.
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