Plex Systems Introduces Machine Learning to Help Companies Improve Demand Forecasting Accuracy

Rhea-AI Summary

Plex Systems, a Rockwell Automation company, introduced new machine learning features for its Plex DemandCaster Supply Chain Planning (SCP) to enhance forecast accuracy and improve customer service. The advanced capabilities address increasing supply chain complexities caused by workforce shortages and logistics challenges, enabling businesses to better manage disruptions. This innovation empowers users to leverage multiple data sources, enhancing forecasting precision while reducing excess inventory. Plex's platform manages over eight billion transactions daily and serves more than 700 customers globally.

Positive

• Introduction of machine learning for enhanced forecasting accuracy in Plex DemandCaster SCP.
• Improved customer service with lower inventory levels.
• Insightful response to workforce and logistics challenges in supply chain management.
• Plex serves over 700 customers and processes more than eight billion transactions daily.

Negative

• None.

Plex DemandCaster Supply Chain Planning with Machine Learning Increases Predictability and Responsiveness

MILWAUKEE--(BUSINESS WIRE)-- Plex Systems, a Rockwell Automation company and a leader in cloud-delivered smart manufacturing solutions, today announced new machine learning capabilities for Plex DemandCaster Supply Chain Planning (SCP), enhancing forecast accuracy to improve customer service at lower levels of inventory coverage.

Manufacturers need more sophisticated supply chain planning technology in response to shortages in workforce and raw materials, logistics challenges, and impacts to overall business revenue. Business planners are tasked with forecasting and responding to more “black swan” type events and are looking for innovative ways to include a variety of data sources to expand their planning resources.

Plex DemandCaster Supply Chain Planning unites business functions within the organization with their planning variables to solve inventory problems quickly and proactively, helping planners easily interpret data ​with automated statistical forecasting while enabling a continuous planning and execution feedback loop.​ Now, the addition of machine learning for DemandCaster SCP dramatically advances the automation of pattern recognition and the application of correlated related data to improve forecast accuracy. Higher forecast accuracies cascade through the supply chain planning process by reducing the need to carry extra inventories to buffer against uncertainties.

“The days of steady and dependable supply chains that enable long-term lean and just-in-time replenishment to manage costs are behind us. Businesses now understand that planning and forecasting must include the assumption of disruption and rely on data to navigate this new normal,” commented Ara Surenian, Vice President, Product Management at Plex Systems. “Adding machine learning to Plex DemandCaster Supply Chain Planning empowers customers to overcome supply planning challenges and digitally transform their planning. By infusing the sales forecasting process with machine learning, customers can bring in a wealth of additional data as an input to the forecasting process that a human nor traditional statistical forecasting methods can discern. These additional inputs are used to help calculate and recalibrate the process to improve forecast accuracy.”

Plex offers the only single-instance, multi-tenant software as a service (SaaS) manufacturing platform operating at scale, including solutions for MES, ERP, quality, supply chain planning and management, asset performance management, production monitoring, process automation and analytics. The cloud-native Plex Smart Manufacturing Platform serves over 700 customers and manages more than eight billion transactions per day. In September 2021, Plex was acquired by Rockwell Automation, Inc. (NYSE: ROK), the world’s largest company dedicated to industrial automation and digital transformation, to expand its industrial cloud software offerings.

Attendees of ROKLive, a Rockwell Automation and Plex Systems event taking place in Orlando, June 13 to 16, can learn more about this innovation in a dedicated session “Advancements of Machine Learning in Supply Chain Planning” presented by Ara Surenian on Tuesday June 14th at 3:00 PM ET.

About Plex Systems

Plex Systems, Inc., a Rockwell Automation Company, is a leader in cloud-delivered smart manufacturing solutions, empowering the world's manufacturers to make awesome products. Our platform gives manufacturers the ability to connect, automate, track, and analyze every aspect of their business to drive transformation. The Plex Smart Manufacturing Platform includes solutions for MES, ERP, quality, supply chain planning and management, asset performance management, production monitoring, process automation and analytics to connect people, systems, machines and supply chains, enabling them to lead with precision, efficiency and agility. To learn more, visit www.plex.com.

About Rockwell Automation

Rockwell Automation, Inc, (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 25,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing the Connected Enterprise to life across industrial enterprises, visit www.rockwellautomation.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220602005215/en/

Diana Robbins

Plex Systems, Inc., a Rockwell Automation company

+1.248.221.3059

drobbins@plex.com

Source: Plex Systems, Inc.

FAQ

What new features were announced for ROK's Plex DemandCaster Supply Chain Planning?

Plex Systems announced new machine learning capabilities for its DemandCaster SCP to enhance forecast accuracy.

How does machine learning improve Plex DemandCaster's supply chain planning?

Machine learning improves supply chain planning by automating pattern recognition and utilizing various data sources for better forecast accuracy.

What challenges is Plex DemandCaster addressing for manufacturers?

Plex DemandCaster addresses challenges such as workforce shortages and logistics issues that affect supply chain efficiency.

How many transactions does the Plex platform manage daily?

The Plex platform manages over eight billion transactions per day.

What event will highlight advancements in machine learning in supply chain planning?

The ROKLive event from June 13 to 16 will feature a session on advancements in machine learning in supply chain planning.