Patent attributes
Disclosed herein are systems and methods for demand forecasting that enable multiple-scenario comparisons and analyses by letting users create forecasts from multiple history streams (for example, shipments data, point-of-sale data, customer order data, return data, etc.) with various alternative forecast algorithm theories. The multiple model framework of the present invention enables users to compare statistical algorithms paired with various history streams (collectively referred to as “models”) so as to run various simulations and evaluate which model will provide the best forecast for a particular product in a given market. Once the user has decided upon which model it will use, it can publish forecast information provided by that model for use by its organization (such as by a downstream supply planning program). Embodiments of the present invention provide a system and method whereby appropriate demand responses can be dynamically forecasted whenever given events occur, such as when a competitor lowers the price on a particular product (such as for a promotion), or when the user's company is launching new sales and marketing campaigns. Preferred embodiments of the present invention use an automatic tuning feature to assist users in determining optimal parameter settings for a given forecasting algorithm to produce the best possible forecasting model.
