Thrive Technologies Introduces State of the Art Demand Forecasting System

Share Article

Leverage the cloud’s processing power to replace the old forecasting science in ERP and Supply Chain systems.

Thrive Technologies, Inc, announced today the release of Firstcast, a state of the art demand forecast service with unprecedented forecast accuracy based upon Thrive’s patent-pending forecasting engine utilizing state-space methodologies. Thrive’s Firstcast is delivered as a Software as a Service (SaaS), providing a rapid implementation and dramatically improved inventory levels.

Leveraging strong domain expertise from more than a decade working with distribution and retail companies, Thrive built industry heuristics into the state of the art forecasting process to generate extremely accurate and realistic forecasts for the demand of finished goods in distribution and retail forecasting.

Thrive delivers this forecasting engine as a Software as a Service (SaaS) offering so that large companies can easily incorporate better forecasts into their existing ERP systems such as SAP, JDA, and Oracle. They then continue their existing inventory planning processes (replenishment, S&OP) that are made more effective due to the better baseline statistical forecasts. “Companies that have spent hundreds of thousands or even millions of dollars on their ERP system or supply chain system can now greatly improve the effectiveness of their existing systems by improving their demand forecasts within days without having to change their business processes,” states Rick Morris, President of Thrive Technologies.

A recent implementation at a large automotive parts distributor allowed the inventory buyers to use their existing replenishment system without changing their buying processes but leveraged Thrive’s better forecasting numbers. With three hundred fifty thousand items and four warehouses, their buyers were previously spending many hours each week reviewing and overriding the forecast numbers as part of the buying process. The replenishment system worked fine, and would be difficult and expensive to replace. Additionally, there was little time available from the existing IT staff.

This company implemented Thrive’s Firstcast service and got their first load of forecast numbers within thirty days. Since Firstcast is delivered as a SaaS, Thrive takes on the IT responsibility for the system including upgrades and server management. The automotive distributor saw their buyer overrides of forecast numbers drop by 60%, demonstrating strong user confidence in Thrive’s new forecast numbers versus the old forecasting system. Thrive’s forecast numbers reduced the forecast error in half. Additionally, this automotive parts distributor was able to reduce its overstock from 27% to 10% of total inventory valuation within ninety days using Thrive’s Firstcast service.

“Users of this new engine will see forecast accuracy improve by 5 percent or more, which reduces lost sales and overstock at the same time,” says Morris. “And the best thing is that they don’t have to change any existing business processes or systems, which is by far the most difficult part of any software implementation. Since the implementation takes less than 30 days, the return on investment is off the charts. ” In the absence of an existing replenishment system, companies can employ Thrive’s new demand forecasting engine in conjunction with Thrive’s award-winning SaaS inventory replenishment system.

About Thrive Technologies

Thrive Technologies is the leading provider of SaaS demand forecasting, cloud based inventory replenishment and inventory performance software to distribution intensive companies. Thrive’s award-winning products have provided more than 100 companies worldwide with the ability to achieve strategic customer service and inventory profit goals delivering the fastest return on investment in the industry. Thrive’s cloud-based inventory systems are easy to use and integrate quickly to existing enterprise software. Thrive’s implementation staff have strong domain expertise in the areas of demand forecasting and inventory replenishment buying for distributors and retailers. For more information, please visit Thrive on the Web at http://www.thrivetech.com.

# # #

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Rick Morris
Visit website