Logility, a supplier of collaborative solutions to optimize the supply chain, announced that Logility Voyager Solutions helps companies increase forecast accuracy and manage the product lifecycle more effectively through an Attribute-based forecasting model.
Logility's Attribute-based modeling provides significant improvements in the forecast accuracy of New Product Introductions (NPIs), short lifecycle products and the phase-out of existing products-product lifecycles that are more difficult to forecast with traditional time-series approaches. The Attribute-based modeling consists of four key areas: creation of demand profiles; automatic assignment of demand profiles to NPIs, short life cycle and product phase out; adjustment of forecast based on early demand signals such as Point-of-Sale (POS); and assessment of the accuracy of assigned demand profile vs. available catalog of demand profiles.
Logility Voyager Solutions provides a wide variety of demand and seasonal profiles that give planners the ability to create demand profiles based on user-defined attributes such as color, fabric, region, store type, etc. The Attribute-based model analyzes historical sell-in, sell-through or POS data as the basis for the demand profiles and monitors the accuracy of the forecast and the demand profile according to consumer response via demand signals such as the POS data. Through correctness-of-fit evaluation, Logility Voyager Solutions can automatically adjust the forecast and/or demand profile assigned to the product.
"The key to the process is matching the phase of a product's lifecycle with the correct forecasting model," said Mike Edenfield, president and CEO, Logility. "With Logility's unique ability to match the product lifecycle with the proper forecasting model, including Attribute-based modeling, the forecast accuracy is improved which in turn ensures that the right products are available at the point of consumer demand."