The InnoFIT project is developing innovative forecasting tools for improved production planning
Modern technologies within the Industry 4.0 environment (the forth industrial revolution) facilitate the data exchange in supply chains for faster and efficient decision making. Increased data storage and data processing requirements in the global market made it even more challenging for organizations to organize and handle data, and to provide valuable data forecasts.
Deficit of communication and information exchange between customers and suppliers can result in overproduction, high inventory costs, excess of overtime and additional transportation costs. The InnoFIT project seeks to investigate novel technologies for efficient operations data forecasting, data analysis and visualization, as well as to investigate tools and models to reduce impacts of poor data forecasting in the supply chain and operations planning.
Funded by the Austrian Research Promotion Agency (FFG), the InnoFIT project combines efforts from the industry partners and the research institutions of St. Pölten University of Applied Sciences and Upper Austria University of Applied Sciences. The industry partners are: ZF Steyr, NKE Austria GmbH, Lecapell GmbH, MWS Hightec GmbH and RISC Software GmbH. The project duration is from 01.06.2018 until 31.05.2021.
For more information:
Better forecasting for production, St. Pölten University of Applied Sciences: https://www.fhstp.ac.at/en/newsroom/news/better-forecasting-for-production