GMCS and NOVO BI will make forecasting more available
GMCS, one of the leaders of the Russian IT market in the business applications implementation, has signed a partnership agreement with NOVO BI, a Russian developer of software products for demand planning and supply chain optimization. Combining the expertise of the companies will expand the capabilities of the Novo Forecast Enterprise digital system in order to help customers predict demand as accurately as possible and automate the integrated planning process in supply chains.
Machine learning algorithms and big data processing technologies allow the Novo Forecast Enterprise system to predict demand for individual product categories with an accuracy of more than 90% — that is, the system plans almost exactly as many goods as the company can sell. This gives FMCG and DIY manufacturers, as well as distribution companies, the opportunity to produce or purchase products in the right volume and at the right time. In addition, the technology allows to get high results even when planning new products and promos, without relying on previous sales experience. With the help of artificial intelligence, Novo Forecast Enterprise finds the most suitable analogues in the assortment and builds a forecast on this basis.
“Digitalization of the sales and operations planning process helps companies not only to increase the accuracy of demand forecasting, but also to free up employees’ time from routine work, switching human resources to other tasks. Automation increases the efficiency of the S&OP process and directly affects sales growth,” says Pavel Sinitsyn, Business Development Director at NOVO BI.
GMCS has expertise in Integrated Business Planning (IBP), sales planning and forecasting, and supply chain. With the help of tools from market leaders, GMCS helps companies from different industries to improve planning, minimize inventory costs and reduce shortages by increasing the accuracy of forecasts.
“For a long time, forecasting tools were not available for many companies, because they were quite difficult to set up and use. Novo Forecast Enterprise is a digital tool for forecasting and optimizing the supply chain, which can be picked up by any company and flexibly customized for its tasks. We see great potential and are already actively working with this product together with customers,” says Ilya Kornilov, Head of Optimization Planning, GMCS.