The Personal Care Giant was based out of North America and wanted to generate long term forecasts for 40+ categories. They wanted to build a solution that could incorporate individual judgements and replace the existing off-the-shelf product with an application that was customizable and intuitive.
Co.dx Helped The Personal Care Giant Drive Impact
TIME TO VALUE
The Personal Care Giant wanted to build and leverage an application that could help them resolve the following business challenges
The company previously used a packaged black box solution to forecast demand. However, this resulted in low accuracy of forecasts that made it difficult to devise effective short term and long-term plans
Co.dx helped improve accuracy of forecasts and enabled the company to restructure their investments, and significantly improve ROI. Co.dx’s customizable application was integrated with the capability to incorporate business specific drivers that were unique to the company. This added to the overall improvement in forecast accuracy
The legacy solutions used by the Personal Care Giant does not provide a breakdown of individual drivers of demand. This placed a constraint on the business user to tweak the assumptions based on their experience and intuition than which is already fed into the model.
A driver analysis was conducted through Co.dx, which helped identify key factors and focus areas to develop strategies in order to boost demand. With a clear understanding of the demand drivers and assumptions, stakeholders were able to resonate with the insights as they were able to feed in the business context during the application configuration phase, which invariably elevates the robustness of the analysis.
With the limited scope of the analysis from the off-the-shelf product, generating forecasts to plan for potential scenarios became a manual task. Thus, making it difficult to run what-if scenarios swiftly.
Co.dx is bolstered with a feature to simulate scenarios that helped derive forecasts for multiple situations, while accounting for the key drivers of demand and other contributing factors.
Co.dx’s Growth Maximizer application from its Growth Planning suite was deployed to address the key business challenges. The Growth Maximizer application helped the Personal Care Giant generate demand forecasts and set growth targets for 40+ categories. The usability of the application, helped quickly generate forecasts for the next five years The forecasts also accounted for the disruptions of the pandemic, making them highly relevant to the current business scenario. The deployed application was modified to seamlessly integrate with the existing business process flow. With the applications on Co.dx being customizable, the users were also able add in their business intuition into the deployed application, leading to greater and easier consumption. Further, the application was scaled and reused with minor modifications across US and Canada and across multiple product lines. This lead to a decrease in duplication of effort, capital, data and tools, resulting in a higher cost-benefit.