One of the most important factors in the successful running of a corporation is the accuracy of the forecasting tools selected. Almost every decision made within an organization is based on a prediction, demonstrating the importance of forecasting. To enable managers to take into account the many external aspects, such as price variations and competitive dynamics, a sound prediction is required for business operations. Thus, selecting the appropriate forecasting tool may be seen as a crucial step toward the effective management of a wide range and difficult prediction problems. The development of software that can precisely predict future occurrences has been made possible by technological advances. The importance of demand forecasting can be seen to cut across the businesses in all sectors. Supply chain management (SCM) and demand forecasting enable manufacturers and other businesses to plan for the future accurately. The chosen software should be able to make use of the available data while optimizing the various outcomes of the prediction exercise.
The present paper analyses the features of Oracle SCM Demantra and Steelwedge Software for the purpose of establishing of the most appropriate forecasting software for a large organization predictions. The analysis is further done on the company profiles so as to establish the most competitive firm with the appropriate product.
Steelwedge Software, Inc Company
Steelwedge Software Inc is a US firm that is providing cloud-based services for business integrated services that are used for different purposes such aligning product, demand, sales, supply, operations, and strategy decisions across roles and geographies. The business through its main forecasting and business planning software, Steelwedge Software provides a suite for the management of enterprises and performance management. The software is meant to help large and complex manufacturing companies to improve their performance by providing the right information at the right time to enable managers and other decision makers to make an accurate prediction based on the available and simplified data by the software.
The software uses leading practitioner services expertise, advanced analytics, and data aggregation. The suitability of Steelwedge can be noted in the fact that the software provides an in-time planning platforms that are available in the consumer-grade platforms that are used in various product applications such as consensus demand forecasting & planning, product lifecycle planning, and sales pipeline intelligence among other uses.
The following image shows a Steelwedge Software platform
Some of the benefits of Steelwedge include profitability, reduction in the SCM costs, optimized competitive strategy, improved product management and manufacturing efficiencies. The application of the software is also seen to enable alignment of the organizational goals.
Oracle SCM Demantra
Oracle is database and middleware software Company based in the US. Oracle can be observed as one of the largest software manufacturing companies alongside other giants such as Microsoft. Oracle SCM Cloud software is designed to provide a suite that offers capabilities such as product innovation, integrated demand, and supply planning, strategic material sourcing and outsourced manufacturing among other applications. One of the advantages that are associated with Oracle SCM Cloud is the fact that it enables deployment of various functionalities while aiming for maximum flexibility, minimal costs, and lower risks. The provided benefits can be observed to account for all the ongoing functional innovation in various sectors. Some of the strengths provided by the Oracle SCM Demantra
Include the ability to provide solutions for supply chain management automation requirements without having to acquire third party solutions to block the gaps that are required in the operations of the business. Oracle as a company can be seen to provide an innovative framework for its SCM products and thereby to enable the ability to integrate performance planning and business intelligence and therefore allowing suitability in wide scale applications.
Functionalities of Oracle Demantra
In sales and operation planning, Demantra allows automation the preparation of monthly executive meetings for consensus building, demand and supply planning. Upon the approval of the plans, the software after that allows for the publication and continued monitoring of the plans. The inbuilt features of the software can further be seen to allow revisions of the plans as well as generating alerts for the individuals who are responsible for performing various tasks or roles in the business. In demand management, the software allows the combination of multiple models as opposed to the convention approach to forecasting in which the best fit model is utilized. The multiple models are applied based on the probabilities of each of the model that is part of the tool. In demand management, it is observed that data is managed at granular groupings that enable the opportunity to improve analysis and shape the demand opportunities.
Based on the conducted analysis the paper has recommended Demantra as the software forecasting tool to be purchased by the firm. The software enables adaptation to the various dynamics in the market as seen in the adjustment to various changes in trends. Demantra provides collaborative features through which the consumers can collaborate the forecasting of the demand. Such collaborations are necessary for the accurate prediction of the demand levels at various times. The fact that Demantra allows for the monitoring and the revisions of the plans is also an essential consideration for its choice as the most appropriate forecasting software. The ability to monitor plans enables the control of the variables so as to avail the most suitable information decision making. The image below is a flowchart of real-time operation planning using Demantra.
While Steelwedge has various advantages such as easy-to-use interface and easy-to-access platforms it does not provide the level of monitoring and revision of planning that is the characteristics of the Oracle SCM Demantra. The head of Technology approves Demantra also by the strengths of Oracle Company to provide useful product innovative roadmaps in their ranges of forecasting products. With a global reputation for quality products, Oracle provides a reliable and robust tool for prediction.
Conclusion
Forecasting is an essential process in supply chain management and demand forecasting. Availability of software enables accurate analysis of the key features that are useful for planning operations and management of forecasting. Oracle SCM Demantra has been recommended for the organization. The choice of Demantra is based on the fact that Demantra allows for the monitoring and the revisions of the plans are also an essential consideration for its choice as the most appropriate forecasting software. The ability to monitor plans enables the control of the variables so as to avail the most suitable information decision making. The image below is a flowchart of real-time operation planning using Demantra
