SYSPRO Forecasting Nominated for APICS Corporate Award of Excellence
COSTA MESA, Calif. - October 26, 2006 -- SYSPRO, a leading enterprise business solutions provider, said that the company has significantly expanded the inventory management capabilities of SYSPRO software to further the abilities of manufacturers to support the Lean Manufacturing Model.
The SYSPRO Forecasting solution, which has been nominated for an APICS Corporate Award of Excellence, is one of three modules comprising the SYSPRO Inventory Optimization Solution and a fully integrated component of the SYSPRO enterprise business software solution. Accurate Forecasting is one of the key elements in achieving Lean manufacturing, and the real-time nature of SYSPRO Forecasting can help a company reduce stock levels, maximize existing resources and improve profits by producing to customer demand rather than tying up large sums in raw materials inventories.
SYSPRO Forecasting is an intuitive, common-sense and flexible module that retains as much or as little history as business requirements dictate. Once the initial historical sales information is extracted, the Forecasting module is updated in real-time as sales occur.
SYSPRO Forecasting provides numerous algorithms, such as Mean, Median, one and two sided moving averages, various weighted averages and Holt-Winters methods as additive or multiplicative, plus Annual Seasonal profiles. A major benefit is that SYSPRO Forecasting provides a "Competition" method, which allows the system to determine which algorithm best suits each product. A suggested forecast can be generated, automatically adjusting for outliers and anomalies, providing a draft copy for manual manipulation and refinement.
Even with generated forecasts, users still face the task of reviewing the forecasts for an entire inventory. The Pareto Analysis in SYSPRO Forecasting makes this task less daunting by providing insight into the "most important" items on which attention should be focused.
In order to track and validate forecast accuracy, SYSPRO provides the ability to review forecast error and performance measures such as MAD and MAPE. This aids in future forecasting and with time assists in predicting how promotions and marketing activities shape demand.
SYSPRO Forecasting performs forecasting at the item/warehouse level as well as aggregations of forecasting to higher levels when defined by Families and Groupings.
Users have the ability to define calendars, forecast horizons, monthly or weekly time buckets and to override forecasts to accommodate market intelligence. The module stores three or more years of history and facilitates dynamic analyses with tabular and graphical reports.
SYSPRO Forecasting is being utilized by a number of companies, including XRP, Inc., a South Gate, Calif.-based manufacturer of precision hose fittings. XRP needed to more closely align inventory and production with anticipated demand in order to better service a growing customer base.
While the very nature of Forecasting precludes any assessment of its viability until a significant time span has passed, XRP is already noticing improvements. The company is now able to maintain significantly lower levels of inventories that enable it to satisfy current customer demand while also adjusting levels of inventories to accommodate typical seasonal changes in demand. In fact, XRP's initial success with SYSPRO Forecasting has created a real benefit in also improving customer satisfaction.
The SYSPRO Inventory Optimization suite, comprised of Forecasting, Families and Groupings and Inventory Optimizer modules, is designed to enable companies to effectively fulfill demand and identify how to gain additional profits from their inventories. It delivers new functionality in a manner that is a complimentary and integral part of the core SYSPRO system.
The SYSPRO Inventory module is renowned for the ability it gives manufacturers and distributors to manage a company's entire inventory in either a single or multiple warehouse scenario. All inventory can be switched from available to used inventory the moment a transaction occurs. One of the specific differences between SYSPRO and many other ERP systems is a real-time vs. batch solution. Inventory is subtracted from the available quantity for the item as soon as the item quantity is entered on the order, and the order does not have to be completed before inventory gets relieved. This feature ensures that SYSPRO users are working with current accurate information all the time.
The latest release of SYSPRO software, SYSPRO 6.0 Issue 010, also adds new, extensive inventory management capabilities, particularly for multi-site and multi-warehouse environments. For example, now multi-site environments can reserve numbers of lots/serials for a specific job to preclude their use for any other job or by any other location. Another major enhancement is the ability to roll the component and operation costs per warehouse and actually store the BOM cost against the warehouse for each stock code. In fact, a warehouse can now even be defined against the component within the BOM itself, which will override the default component warehouse. These options allow for much better tracking of standard costs and much more accurate variance reporting.
According to Joey Benadretti, SYSPRO USA president, "The extensive array of inventory control tools reflects the SYSPRO philosophy of bringing sophisticated solutions to mid-market manufacturers and distributors - solutions that traditionally have only been available with the high-end enterprise solutions. Because Forecasting is a SYSPRO module and is not a third-party integrated product, SYSPRO is able to provide unique access to sales transactions and history information with an ability to modify details of summary transactions for future forecasting requirements. It is also a huge honor and endorsement to be nominated for an APICS Award of Excellence. APICS is an organization that SYSPRO supports and highly respects."
Since its inception in 1978, SYSPRO has been delivering state-of-the-art business solutions to some of the world's leading companies. As a global leader in the production of world-class ERP software, the company now caters to the specialized needs of 12,000 licensed companies in more than 60 countries worldwide. SYSPRO is marketed globally through regional territory distribution centers in the US, Canada, Africa, Asia Pacific, Australia and the UK.
SYSPRO is a fully integrated business software solution that provides complete control over the planning and management of all facets of business including accounting, manufacturing and distribution operations in a variety of industries.
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