Forecasting Demand with Reliabilityand Optimizing Storage
Hamberger was able to employ reliable, accurate forecasts to reduce its storage costs while increasing customer satisfaction.
Estimated reading time: 2 minutes
Hamberger Flooring GmbH & Co. KG is Germany’s market leader for parquet flooring.
Challenges
How can we optimize storage costs and improve customer satisfaction by using more accurate data? Hamberger wanted to automate the forecasts for their products and production in order to generate them much quicker than before. Additionally, they wanted to improve their stock visibility. This helps them enhance their entire supply chain and make significant changes to their processes based on market conditions.
Hamberger had been working with forecasts for production planning and management in the past. However, this approach consumed up to four days and wasn’t precise enough.
The issue: If predictions were much lower compared to actual demand, they missed out on potential revenue. If predictions were too high, this led to additional storage costs. Together with One Data, they developed a new, improved forecasting solution.
Solutions
First, One Data exported data from 2020 into the new forecasting solution. To render usable data, it was first visualized, contextualized, and linked together in One Data. This allows Hamberger to provide more accurate and reliable forecasts.
The forecast results of the previous solution were compared with the actual demand from 2020 for 400 different products. This led to a benchmark regarding the accuracy of the previous predictions. With the new solution from One Data, AI-assisted forecasts were processed for 400 products to optimize stock based on “inventory quality” KPI.
Results
The process of creating such forecasts is now much faster, efficient, and reusable. The new forecasting solution from One Data is able to improve the inventory quality by 25 percent. The prediction errors decreased significantly compared to before. Additionally, it now only takes five minutes to create a prediction for a complete production cycle—meaning significant time savings for data and production teams.
Hamberger is now using the new forecasting solution to improve its stock planning process. With that, they increase sales, and continue to lower storage costs.
“The solution is almost perfect at meeting our expectations in creating reliable forecasts.”
Richard Lehmuth
Head of Production Planning and Process Management
Hamberger Flooring GmbH & Co. KG
Customer
Hamberger Flooring GmbH & Co. KG
Industry
Manufacturing
Solution
Forecasting platform
Benefits
Time saved on forecast creation
Improved data quality
25% improved stock quality
Supply chain optimization
Frequently asked questions
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