- Data Festival 2019
- Speaker 2019
- Program 2019
- Pre-Conference Workshops
Reliable forecasts are a key factor for an efficient and effective management of supply chains. A new forecasting framework for Demand Planning has been developed and implemented successfully at BASF based on advanced predictive analytics methods and sophisticated information technology. This approach systematically selects the appropriate forecasting method from several statistical and machine learning-based methods and considers planning relevant information as well as major demand characteristics from different product segments automatically.
Using the data from the global chemical company BASF, empirical results show that this approach clearly outperforms forecasts provided by classical Advanced Planning Systems (APS) in accuracy and plausibility while reducing the planning effort significantly.