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Sensors Serve Up Data for Demand Forecasting
How often do you replenish bulk powders, pellets, powders, and other solids?
If you’re more reactive—ordering when low on material—versus proactive—projecting upcoming needs—you may be losing money.
Demand forecasting uses predictions based on history to estimate future demand. These predictions open possibilities to employ economies of scale. They help plan maintenance and labor scheduling. Demand forecasting will never produce picture-perfect accuracy, but it can increase efficiency, anticipate production, and provide better customer results.
Demand forecasting uses predictions based on history to estimate future demand. These predictions open possibilities to employ economies of scale. They help plan maintenance and labor scheduling. Demand forecasting will never produce picture-perfect accuracy, but it can increase efficiency, anticipate production, and provide better customer results.
According to a study by the International Journal of Production Economics, businesses that use demand forecasting to purchase bulk materials can see a reduction in inventory costs of up to 30%. This is because demand forecasting allows businesses to anticipate customer needs and avoid overstocking or running out of material, which can be costly.
Demand forecasting also helps businesses plan for economies of scale. By anticipating customer needs, businesses can purchase materials in bulk, which can lead to significant savings on raw materials and transportation costs.
Smart decisions on ordering directly impact profit margins, cash flow, resource allocation, staffing, and even expansion plans. Material inventory history helps form a use pattern to optimize bulk material storage capacity and ensure proactive—as opposed to reactive—ordering.
BinMaster`s bulk inventory measurement technologies increase accuracy, reporting, ordering, and employee safety. BinCloud® software unleashes people from cubicles and prompts collaboration on an IoT platform.
About Radar & BinCloud Software
The NCR-86 radar is the standard for continuous level measurement in tough storage and processing silos. The sensor excels under the worst dust, noise, and environmental conditions. BinMaster’s non-contact radars continuously measure the level of powders, granules, solids, or liquids in a vessel.
Features of BinCloud include real-time monitoring, automated alerts via text or email, and historical reports. Software can be scaled to each unique operation, from a single site up to multiple locations with hundreds of vessels.
BinMaster provides a host of sensors for industrial applications. The best approach to configure a system for your specific operation is to talk to a BinMaster sales representative.
Build a Historical Bulk Baseline with BinCloud`s Forecasting Tools
- Access level data in the form of line graphs, bar charts, and more
- Organize vessels in groups by location, material, etc. for easy filtering
- Level readings can be averaged daily, weekly, even annually
- Export data history and projections to an Excel spreadsheet
- Share data with multiple authorized users, including vendors
- Get automatic text alerts for critical pre-configured high or low inventory levels
- Place material orders from within the app
- Add foreign sensors (4-20 mA or Modbus output) to the BinCloud reporting
- Measure by truckload or volume to prevent overfills or under-ordering bulk material