Consulting

TCS Applies Lean Six Sigma to Improve Product Market Forecasting Accuracy for a Large Medical Device Manufacturer

Consolidation, M&A and competition in medical device and equipment manufacturing have made accuracy in forecasting difficult, although imperative for survival. Pharmaceutical companies, therefore, require market models that mine existing and historical data as well as incorporate future expectations.

A large global manufacturer of advanced medical devices sought to improve the forecast accuracy of its new products and optimize the current market forecasting process. Applying Lean Six Sigma, TCS standardized the processes across the company’s global marketing division and defined and integrated its market model through the development of templates and metrics.

TCS’ solution helped the client with a standardized global marketing model that will enable the demand forecasting of new products for delivery in its global markets. The model will ensure process consistency, better availability of information, ease of updates and a frame of reference for senior management reporting.

It will also result in the following:

  • A 30% reduction in non-value-added efforts (after the rollout of new forecasting processes, guidelines, roles and responsibilities, metrics) during the pilot project
  • A 20% improvement in the project forecast accuracy for two identified pilot projects against the baseline value established during the assessment phase.

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