Discover how Q8 is making use of AI to reduce their forecasting errors by 10%, resulting in a significant reduction in their safety stock while increasing service levels.
Demand planning for oil & chemical companies is very difficult, as demand can be very volatile for the following reasons:
- Market uncertainty: A number of unpredictable market factors, such as global economic conditions, political events, and natural disasters have a real impact on the demand pattern.
- Long lead times: The production processes for oil & chemicals are often complex and time-consuming, with long lead times for procurement, production, and delivery. This can result in difficulties when aligning supply and demand.
- Global competition: The oil & chemical industries are highly competitive, with companies operating globally. This can lead to rapid changes in demand due to market shifts.
- Environmental and regulatory pressures: The industry is facing increased environmental and regulatory pressures, which can impact demand and create additional difficulties in demand planning.
By leveraging the strengths of AI and combining them with the strengths of humans, oil & chemical companies can understand what drives their demand and translate downstream insights into opportunities that unite different supply chain stakeholders and allow the organization to focus on growth instead of firefighting.
In this webinar, Louis-Charles De Prez, Planning Manager at Q8Oils, will share why they decided to use AI in their demand planning process, and how the planner is supported by AI to understand the drivers of demand.
What will I learn?
- Why it was a priority to transform the demand planning process
- How Q8Oils forecasted in the past
- Their experience with the implementation of AI
- Enhancing the forecast with the planner’s knowledge
- Forecast accuracy details at Q8
- How Garvis can be implemented and applied in less than a day at Oil & Chemical companies
Whom will I listen to?
Louis-Charles De Prez, Planning Manager at Q8 Oils, leads the team responsible for supporting the new production facility of Q8Oils in Antwerp. Louis-Charles has more than 10 years of experience in Operations Management and Supply Chain Planning.