Demand Forecasting: Thrive Technologies Announces New Science Advisor

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Published Professor of Statistics and Editor-in-Chief of the International Journal of Forecasting, Rob J. Hyndman, Joins Thrive as Advisor / Consultant

Thrive Technologies, Inc., proudly announces that preeminent forecasting expert, Rob J. Hyndman, has joined the team as a science advisor. Dr. Hyndman will provide guidance for Thrive’s enterprise demand forecasting science, and be available for consulting engagements on demand forecasting projects with Global 2000 companies.

Thrive’s patent pending Firstcast demand forecasting engine is based on Dr. Hyndman’s ground breaking work on state space forecasting. Thrive applied their domain expertise from working with hundreds of companies to create smart heuristics that leverage state space forecast accuracy at unprecedented speed. “We deliver forecast accuracy at 95% and above while remodeling forecasts for millions of SKU’s in hours,” states Rick Morris, Thrive CEO and Founder.

“I doubt there is anything better anywhere,” added Hyndman after personally evaluating Firstcast with time series data from the international M3 forecast competition. “Thrive has done a tremendous job in creating world class forecast accuracy with incredibly fast processing time. If they had entered M3, they would have placed third behind desktop forecasting software that takes many times longer to model forecasts.”

Thrive’s Firstcast system leverages the virtually unlimited processing power in the cloud to provide scalability for the largest customers. Firstcast is designed to help customers of ERP systems like SAP, Oracle and JDA who need higher levels of accuracy with their baseline statistical forecasts and are impacted by forecast challenges such a large SKU population, low volume intermittent demand, and seasonality.

“Using demand forecasts in ERP systems supported with labor intensive forecast review processes is workable when you have a small number of SKU’s. But it becomes very difficult to manage when you need forecasts for thousands of SKU’s and many stocking locations,” explains Morris.

“The forecast science in many ERP systems was developed in the 1950’s when computing power was not what it is now, so it had to be simple or else the forecast process would take too long. Dr. Hyndman’s work on state space science is ground-breaking especially when combined with the virtually unlimited computing power available in the cloud,” adds Morris.

Thrive clients have seen improvements in forecast error of at least 15%, reduction in lost sales by 50%, and reduced forecast maintenance by 70%.

Rob J Hyndman is Professor of Statistics in the Department of Econometrics and Business Statistics at Monash University and Director of the Monash University Business & Economic Forecasting Unit. He is also Editor-in-Chief of the International Journal of Forecasting and a Director of the International Institute of Forecasters. Rob is the author of over 100 research papers in statistical science. In 2007, he received the Moran medal from the Australian Academy of Science for his contributions to statistical research, especially in the area of statistical forecasting. For 25 years, Rob has maintained an active consulting practice, assisting hundreds of companies and organizations. His recent consulting work has involved forecasting electricity demand, tourism demand, the Australian government health budget and case volume at a US call centre.

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.

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