|By Business Wire||
|August 12, 2014 09:01 AM EDT||
As industry pressure to perform in volatile markets increases, Terra Technology today announced strong momentum for its Demand Sensing and Multi-Enterprise Inventory Optimization solutions. Active pilot programs with multinational manufacturers around the world are at the highest level in the company’s history. The automated use of big data to sense demand and optimize inventory is an important step in retooling the supply chain for today’s fast-moving markets, allowing manufacturers to improve service, reduce operating expenses and free cash from unnecessary inventory.
Industry research confirms that automated analytics have become a strategic priority for manufacturers. A recent survey from The Consumer Goods Forum and KPMG found that 56% of supply chain executives ranked data analytics as “very or critically important” to their strategy this year and, according to IDC Manufacturing Insights, “big data analytics will remain one of the top investment priorities for manufacturing organizations of all sizes for the foreseeable future.”
The financial and competitive advantages of systematically using big data to better understand customer behavior are enormous, but achieving the benefits is technically challenging. Daily demand information for every item is published directly to replenishment systems without human review so it is essential to get it right – otherwise companies risk the supply chain equivalent of “flash crashes” that previously impacted financial markets. With over 10 years of demand sensing field experience with some of the world’s largest manufacturers, Terra is well positioned as the only proven solution in the marketplace.
“It is a very exciting time for the company. Prolonged market volatility, the adoption of growth through innovation strategies and the continued reliance on promotions have made the need to sense and react to changes in demand more important than ever,” said Robert F. Byrne, CEO of Terra Technology. “We are delighted to help customers convert their masses of data into tangible business benefits and are honored by the continued industry recognition for our products.”
Since inventing demand sensing in 2002, Terra has deployed its automated supply chain planning solutions to better predict demand for hundreds of billions of dollars in annual sales in more than 160 countries. The company has also been recognized by years of consecutive industry awards. In the first half of 2014, Terra was voted by Consumer Goods Technology readers as one of the Top Five Supply Chain Planning companies for the eighth year, named a Great Supply Chain Partner by SupplyChainBrain for the eighth time and listed on Supply & Demand Chain Executive’s Top 100 for the ninth year.
To better serve customers around world, Terra recently expanded its business model by partnering with Wipro to offer a new cloud-based business process as a service (BPaaS) offering. The new cloud-based solution will enable quicker adoption and lower initial costs, making Demand Sensing and Multi-Enterprise Inventory Optimization more accessible to a larger number of companies.
About Terra Technology
Terra Technology uses better mathematics to sense demand, optimize inventory and predict transportation and warehousing requirements for some of the world’s best-known companies including Shell, Procter & Gamble, Unilever, Mondelēz International, Kimberly-Clark, AkzoNobel, Kraft Foods, General Mills, ConAgra Foods, Kellogg, Campbell Soup and others. Terra invented demand sensing in 2002 and offered the first solutions to use retailer data systematically to improve supply chain efficiency, enhance service, cut inventory and reduce waste. Terra’s solutions are currently used in more than 160 countries. Information on how Terra enables a truly integrated supply chain can be found at terratechnology.com.
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