Cognitive automation enables touchless forecasting that is faster and more accurate than manual processes.
There’s a new pace for all domains of business in the era of COVID-19, but especially demand planning. Chemical businesses in particular were left scrambling to change from annual or monthly cadences to weekly or even multiple daily ones in order to respond in real-time to market signals and drive executive decisions.
The process begins with the creation of a Demand Planning Control Tower, where a series of end-to-end automation processes fuel real-time algorithmic planning.
As the system is used, the organization can use resultant metrics to identify what can remain truly touchless and where human intervention is a value-add as opposed to a necessity
This particular company is a Top 10 Player looking to improve Global Demand Forecasting. They had been using a labor intensive manual process that lacked inherent learning, and their existing forecasting methods were not tuned across the product life cycle.
A huge portion of workforce hours were spent gathering data and “firefighting” unexpected issues, leaving few resources for increasing accuracy and automation.
With the installation of a Demand Planning Control Tower system, the results speak for themselves:
Späth concluded that touchless forecasting enables workers to stop generating numbers and gathering data, and instead help build the self-driving supply chain. It’s a mindset shift – instead of people doing work supported by machines, it’s machines doing work guided by people.
This means businesses can take the workforce power previously spent on arduous data-collecting tasks and use it instead for scenario analysis and development of new automation initiatives. This is what the current Age of Agility and Industry 4.0 require, and cognitive automation is making it possible.
Get social with us!
Follow us on Twitter: CognitiveAutomation
Follow us on LinkedIn: Cognitive Automation Community