Challenge
Faced with a volatile industrial equipment and construction market, Finning Canada was struggling with forecast accuracy. They found it difficult to predict the market demands far enough in advance to change their ordering practices to avoid a surplus or lack of supply.
Finning engaged Darkhorse Analytics to evaluate their forecasting methods and to determine a more accurate way to predict industry outlook.
““It all boiled down to forecast accuracy; we weren’t able to capitalize on market potential.””
Solution
We completed an investigative phase of Finning’s data, and then collaborated with the Finning team to determine an extensive list of factors affecting market demand.
Next, we utilized industry data to test our hypotheses. Together Darkhorse Analytics and Finning developed an understanding of the market and created an effective tool to guide Finning’s decision making.
““Darkhorse would push back and advise, and as a result we came to a much better hypothesis to understand our issues.””
Result
Finning was able to redesign their entire process for forecasting market potential. Using the interactive tool, they can enter new data and generate an accurate market outlook.
Finning challenged themselves to look at the market differently and work with data experts, and as a result they’ve developed an understanding of the external influences and shifts in the market that ultimately affect their bottom line.
They now have the ability to predict order intake and backlog, and have unlocked new growth potential.
““We’ve improved dramatically compared to our peers. Our inventory turns have improved substantially from the time we engaged with Darkhorse Analytics.””
If you're interesting in doing
similar work with our team