Demand Forecasting Using Neural Networks for Microsoft Excel

NeuroXL Predictor is a powerful tool for demand forecasting in Excel that harnesses the power of neural networks for accurate and speedy forecasts. Whether you are involved in operations, manufacturing, distribution or logistics, accurate demand forecasts can be instrumental in improving your relationship with suppliers, cutting inventory, and developing a more efficient supply chain. The problem with traditional approaches to demand forecasting is that they often fail to account for relationships between variables, and often require complex rules and models to be developed. NeuroXL Predictor, using advanced neural network techniques, provides more accurate forecasts than traditional methods by taking into account relationships between variables and not requiring the development of complex models.

Forecasting inventory or supply chain management requirements (inventory levels, reorder points, stockouts, and production levels) is challenging when product demand is intermittent, i.e. unusually variable with a large proportion of zero values. Neural networks are an ideal tool for forecasting when intermittent data is present.

Simplifying Neural Network Technology

Loosely modeled after the human brain, neural networks are highly interconnected networks of independent processors that, by changing their connections (known as training), learn the solution to a problem. Since neural networks learn by example, they do not require complex rules and models to reach a conclusion.

In the past, analysts have often been reluctant to adopt neural networks due to their complexity. NeuroXL Predictor removes this barrier - users do not require any prior knowledge of neural networks to make predictions, and since users use the familiar Excel interface, learning time is minimal, greatly reducing the interval between loading the software and performing useful predictions.

More Efficient Supply Chains Using Neural Networks

Many business analysts have been slow to adopt neural networks for forecasting due to their complexity and the difficulty of learning the technology. NeuroXL Predictor removes these barriers by providing an easy-to-use interface that hides the complexity of the underlying neural networks. The application takes historical data, identifies past trends and seasonality, and provides accurate forecasts according to your requirements.

Since NeuroXL Predictor is designed as an add-in to Microsoft Excel, it is very easy to learn and use. The time between installing the software and producing useful predictions is minimal.

By implementing NeuroXL Predictor, your organization is provided with a powerful tool to increase profits by maximizing customer service levels, minimizing total annual costs, reducing workloads and reducing inventories.

More information

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