Supply Chain Optimization
A top medical device manufacturer faced forecasting challenges due to the unforeseen impact of COVID-19. Mu Sigma responded to this challenge with a self-serve simulation tool, improving accuracy and mitigating pandemic-related risks.
Since March 2020, the medical devices manufacturer’s business processes for forecasting demand across multiple product lines experienced significant setbacks. These processes were not originally designed to anticipate the impact of COVID-19.
Mu Sigma devised a two-phased solution to ensure a resilient supply chain through the COVID lockdown and recovery.
We leveraged a precise blend of statistical modeling, machine learning, and strategic business insights to build this scalable, self-service tool. In addition to obtaining data, implementing a quality control framework, and preparing data for modeling, adjustable COVID-19-related features were included to serve as inputs for the forecasting model. Furthermore, a data warehouse was established to house pertinent data for the visualization layer, enhancing the overall analytical capabilities of the system.
We also built a web application to empower users to customize features, visualize impacts, access reports, and download forecasts. This facilitated seamless integration of forecasts into other systems, enhancing the overall utility of the solution.
The implemented solution addressed the immediate need for accurate demand forecasting and provided the client with a robust framework for supply chain planning in the face of shock events such as the COVID-19 pandemic.
-
40%
Improvement in Demand Forecasting Accuracy
-
Boosted Agility
Across the supply chain to enable antifragility
Mu Sigma is a pure-play decision sciences company that believes the big D is Decisions, not data. Our integrated ecosystem of products, services and cross-industry best practices, Mu Sigma enables better decision-making for more than 140 Fortune 500 clients. Mu Sigma's unique interdisciplinary approach and application of AI, ML, computer vision and more drive innovation in solving high-impact business problems across sales, marketing, finance, operations, and supply chain. With over 3,800 decision scientists and experience across 12 industry verticals, Mu Sigma has been consistently validated as the preferred Decision Sciences and Analytics partner.
The firm's is derived from the statistical terms "Mu" and "Sigma," which symbolize a
probability distribution's mean and standard deviation, respectively.
