Quantzig recently collaborated with an American automotive industry player to help them address the issues arising due to the fluctuations in market demand. To tackle the disruptions caused by the COVID-19 crisis, automobile companies are under immense pressure to redesign their supply chain management strategies to gain a strong foothold in the market. In order to manage the shortfalls of traditional demand and supply chain processes and other factors that affect the supply and demand, businesses are now leveraging forecasting analytics to predict future demand patterns and cater to the dynamic needs of its growing customer base.
About the Client
The client is a pioneer in the multi-utility automotive segment, based out of Germany. This automotive company is well known for its world-class products and prompt customer service.
Fortune 500 automotive companies are now leveraging forecasting analytics solutions to curtail risks associated with supply chain processes. Request a free proposal to know more about our demand supply forecasting solutions.
Operating in the highly complex automotive industry in Germany, technological advancements and fast-changing market conditions were the main challenges for the client. The client was also facing issues with a high number of unfulfilled orders due to an inaccurate demand supply forecasting model. The lack of forecasting analytics solutions was the main reason behind a rising inventory holding cost. The client collaborated with Quantzig to replace their current demand and supply forecasting model with a data-driven predictive demand forecasting model that leveraged advanced analytics to make accurate demand predictions.
The challenges faced by the automotive client included:
- Adapting to the Rapidly Changing Marketplace: The client was facing problems with the increasing pressure of the fast-evolving marketplace and the growing needs of the huge customer base.
- Lack of a Robust Inventory Replenishment Plan: The client was looking forward to developing an inventory replenishment and management plan which is based on a demand supply forecasting analytics.
- Reduce Product Obsolescence Cost: In today’s world, customer preferences are changing rapidly leading to a rise in obsolete inventory & inventory holding costs. The client was facing a similar challenge that resulted in a decline in their profit margins.
Automotive companies must incorporate efficient demand forecasting strategies to keep pace with the rapidly changing marketplace. Speak with our experts to learn more about our predictive demand forecasting analytics solutions.
- Understand market trends
- Develop and implement an inventory management plan
- Reduce inventory holding costs
By collaborating with Quantzig the client reshaped their conventional forecasting strategy using demand planning and advanced analytics. Quantzig’s experts helped this automotive industry player to gain insights into the factors that were responsible for demand surges. The engagement involved a thorough market study to understand the blind spots in the client’s demand forecasting plan. Post the initial stage, the supply chain analytics experts at Quantzig assessed the client’s core problem areas to better understand their challenges. The predictive demand forecasting solutions offered helped the client to analyze the evolving and ever-growing demands in the global market while also offering solutions to tackle the issues arising due to demand-supply fluctuations.
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With Quantzig’s demand forecasting analytics solutions the client was able to adapt to the fast-changing market conditions and develop a robust inventory replenishment plan. The forecasting analytics solutions also helped the client to redefine their production and distribution processes.
The solutions offered by Quantzig also enabled the client to:
- Save 15% of overall spend in operations
- Improve order fulfillment rate by 57%
- Analyze factors contributing to demand-supply fluctuations
Why Choose Quantzig as Your Next Demand Forecasting Analytics Solutions Provider?
Demand forecasting is an omnipresent solution for every industry across the globe, be it retail, operations, manufacturing, oil and gas, or any other industry that deals with the uncertainty in the global market. Forecasting analytics helps businesses to stay prepared beyond the current period. Companies can also leverage demand forecasting analytics to assess their performance. Many decisions of a company like production and staff requirements depend on the market demand. We at Quantzig help businesses to make the correct decision at the right time to create a future roadmap. Our effective forecasting analytics solutions make businesses future-ready with a data-driven approach.