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• W321439390 abstract "Describes how to evaluate and update an existing forecasting system ... shipment data does not reflect the true demand ... for a successful forecasting system, it is necessary that the users of forecasts have a basic knowledge of how to interpret forecast data. How should you evaluate your forecasting system to make corrective changes? Wisconsin Tissue implemented a formal forecasting system in 1997 and set forth specific objectives which were to be achieved. During the early part of 1999, Wisconsin Tissue evaluated its forecasting system and identified certain corrective actions for further enhancement, which are: (1) know your (2) articulate your specific forecasting goals, (3) assess the current forecasting system, (4) identify weaknesses in the forecasting system, and (5) list and prioritize corrective actions. KNOW YOUR COMPANY Similar to an archeologist studying how a civilization is evolved, the first step in evaluating and revising your forecasting procedure involves unearthing some company footprints. Company footprints or history provide key insights that will help you build and/or enhance the forecasting system. For example, how does the company compete, and to what extent is forecasting an integral part of the company's competitiveness? Wisconsin Tissue is a leading manufacturer in the away-from-home tissue market, a mature market in the paper industry. Wisconsin Tissue designs, manufacturers, and sells napkins, placemats, paper towels, bath and facial tissue, and other tissue products to a wide range of business customers such as restaurants, eldercare facilities, hospitals, and convenience stores. Wisconsin Tissue's need for forecasting grew with its size and diversification. For example, during 1995 Wisconsin Tissue acquired plants in Arizona, New York, and Chicago. In 1996, Wisconsin Tissue entered the international arena when it opened its first facility in Mexico. Today, Wisconsin Tissue also sells its products in Canada. During the time of this growth, Wisconsin Tissue senior management envisioned having a competitive edge over other companies because of its customer focus, emphasis on manufacturing efficiency, and strong use of technology. For example, Wisconsin Tissue has embraced the technology of EDI (Electronic Data Interchange) and VMl (Vendor Managed Inventory). Over 100 Wisconsin Tissue customers currently do business with Wisconsin Tissue through electronic commerce. Because forecasting is part of Wisconsin Tissue's technology architecture, the ability to use the forecasting system is recognized as being strategically important, suggesting that the most beneficial forecasting changes may involve issues well beyond data analysis. After assessing general company information, understanding technical issues behind how and why the current forecasting system was developed are also important. How does the current forecasting system work, what is forecasted, and what objectives prompted the development of the current forecasting system (perhaps specific objectives not even articulated)? Wisconsin Tissue started a formal forecasting process in early 1997. Prior to 1997, Wisconsin Tissue did not have a structured forecasting system. To create a formalized forecasting process, a forecasting manager was hired. This forecasting manager reports directly to the director of marketing, and hence the flow of information is funneled through marketing. In 1998, a cross-functional forecasting consensus team was created. role of this team is to review and approve forecasts. Additionally, this team facilitates information sharing to nonmarketing departments. The philosophy used at Wisconsin Tissue is to use forecasting tool as a method to provide feedback to various departments in the company, according to Bob Harrington, CFO, Wisconsin Tissue. Wisconsin Tissue conducts sales forecast on a monthly basis because its Sales Tracker Software only allows for 'monthly' views of the information (a technology constraint). …" @default.
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• W321439390 date "1999-10-01" @default.
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• W321439390 title "Updating Your Forecasting System: Wisconsin Tissue's Experience" @default.
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