How Streamline enhanced efficiency and accuracy in forecasting and budgeting processes for an Australian-based Wine Manufacturer
About the company
Singlefile Wines is a family-owned wine producer and retailer operating as a small to medium-sized business in the wine industry. With around 50 SKUs, Singlefile Wines delivers a diverse range of quality wines. The company has a marketing office in Perth, Western Australia, and an operations office in Denmark, Western Australia.
Renowned as one of the finest wineries in the Great Southern region of Australia, Singlefile Wines is driven by a commitment to excellence. The entire Singlefile family is united by a passion for crafting wines that are truly at the top of their game.
Challenge
The wine industry presents unique challenges in demand forecasting due to the nature of wine production. Wine is a harvest product with varying yields and a lengthy manufacturing process before it reaches the market. Singlefile Wines faced several challenges:
- Ensuring product availability for a full year’s sales before the next vintage release.
- Reducing the cash tied up in inventory.
- Creating accurate sales budgets based on SKU availability.
- Communicating effectively with growers about the preferred quantities of grapes for each vintage year.
Project
To address these challenges, Singlefile Wines embarked on a search for a robust demand forecasting solution. They conducted extensive research online, watched demonstration videos on YouTube, and trialed different software options. Ultimately, Streamline stood out due to its ease of data importing, flexibility in changing forecast parameters to accommodate long-range forecasts, and the ability to use forecast overrides and budget forecasts. Additionally, Streamline’s capability to separate forecasts by channel and SKU was particularly appealing to the company’s needs.
The implementation process proceeded smoothly. Singlefile Wines concentrated on optimizing inventory planning and synchronizing demand forecasts with their data.
Outcomes
Since implementing Streamline, Singlefile Wines has seen significant improvements in their operations:
- The sales budgeting process has been accelerated by approximately two weeks
- The budgeting forecast for average item prices across all sales channels has been extremely accurate
- Decision-making regarding vintage production has become easier and more precise
The company anticipates making their most accurate vintage forecasts to date for the following year. Although it is still early to provide specific metrics due to the long-range nature of their business, the initial results are promising, indicating enhanced efficiency and accuracy in their forecasting and budgeting processes.
“I would highly recommend this product due to its simple navigation and excellent data integration capabilities. Streamline has significantly enhanced our demand forecasting process, making it easier to manage our inventory and align our production with market demands,” – said Matt Russel, Finance and Production Manager at Singlefile Wines.
Further Reading:
- How to deal with supply chain processes during the Coronavirus outbreak
- Why switch from Excel to inventory planning software
- Must-read: Smart Supply Chain Management solutions for business processes optimization
- Cross-Functional Alignment in Supply Chain Planning: A Case Study of Sales and Operations Planning [PDF]
- Demand & Supply Management: Collaborative Planning, Forecasting & Replenishment
Still relining on manual work in Excel for sales and operations planning (S&OP)?
See what Streamline can do for you
- Achieve optimal 95-99% inventory availability, ensuring you can meet customer demand consistently.
- Attain up to 99% forecast accuracy, getting more reliable planning and decision-making.
- Experience up to a 98% reduction in stockouts, minimizing missed sales opportunities and customer dissatisfaction.
- Cut excess inventory by up to 50%, freeing up valuable capital and storage space.
- Increase margins by 1-5 percentage points, boosting overall profitability.
- Enjoy up to 56 times ROI within one year, with a 100% ROI achievable in the first three months.
- Reduce the time spent on forecasting, planning, and ordering by up to 90%, allowing your team to focus on strategic activities.
