Heidelberg, January 23, 2024 - WIKA improves and automates its own predictions for future sales of pressure and temperature measuring technology with paretos forecasting and decision-making platform, reducing manual work and gut feelings in decision-making processes. The aim of the strategic partnership between the two companies is a synergetic collaboration that greatly enhances the efficiency and effectiveness of the entire forecasting process.
Since 2023, the internationally active family business WIKA, based in Klingenberg am Main, has been working with paretos' software solution for improved and automatic sales forecasts. Currently, WIKA is already using the AI-based forecasts for almost all the company's products in Germany. The expansion of the forecasting solution to all global data is already planned for 2024. With the help of the Decision Intelligence software, WIKA quickly receives reliable results about future sales and can thus quickly react to market fluctuations – even in the face of unforeseen events along the supply chain.
Paretos' forecasting software specifically assists WIKA in predicting future sales, with countless influencing factors being automatically considered. This reduces time-consuming manual workloads and enables well-founded decisions to be made based on more precise forecasts.
In the next step, paretos' scalable, standardized software solution allows for the use of AI-based optimizations to make strategically better decisions: Always purchasing the right amount of material and components at the right time, optimally controlling production and thereby effectively using existing capacities. Another use case is cost-effective control of warehouse logistics, while at the same time ensuring optimal availability of all items in each region, taking into account a minimum of working capital. All of these are benefits that can be addressed after the successful completion of the global sales forecast project.
The pilot project between paretos and WIKA for predicting product sales in Germany began in August 2023. The main goal is to precisely understand future sales through more accurate and automated forecasts, in order to then plan resources, materials, storage, transportation and personnel efficiently and effectively in the next step. After just the first few weeks, the software was able to beat the existing manual forecasting benchmarks, meaning the forecasts can be directly used by the team at WIKA in the future. In the future, the two companies plan to further expand the collaboration to introduce Decision Intelligence into other areas of the company. "Thanks to the software from paretos, we get more accurate sales forecasts and can now also automatically integrate them into our systems," says Sabrina Freibert, head of the Data Science team at WIKA. "The fast and highly precise results help us to better plan our capacities and quickly respond to changes."
"Accurate sales forecasts help us understand future sales precisely, enabling us to efficiently plan resources, materials, storage, transport, and staff in the next step. Paretos' AI software already gives us a competitive advantage today," adds Andreas Keiger, Executive Vice President Sales EMEA/India at WIKA.
"We are proud to attract such an innovative company from Germany's Mittelstand," says Thorsten Heilig, CEO & Co-Founder at paretos.
Georg Wesinger, VP Revenue at paretos, adds: "We're excited to jointly make WIKA's sales faster and more competitive, so that WIKA can make better decisions with less manual effort and gut feeling, achieving higher product availability, lower costs, and increased customer satisfaction."