SYSTEM AND METHOD FOR FORECASTING COMMODITIES AND MATERIALS FOR PART PRODUCTION
A method and system to predict the cost of a product. Materials necessary to manufacture a product are determined. Data related to the price of each of the materials required for the product over a predetermined period of time is collected. The price of each of the materials at a future time is predicted based on the collected data via a set of models. The prices are aggregated to determine the aggregate predicted cost of the product at a period of time in the future. A recommendation of materials to meet a future demand based on the predicted cost is determined.
1 . A method of predicting pricing of a product, comprising:
collecting data related to the price of each of a plurality of materials required for the product over a predetermined period of time;
predicting the price of each of the plurality of materials at a future time based on inputting the collected data to a plurality of models executed by a processor;
aggregating the predicted changes in prices of the plurality of materials to determine the aggregated predicted cost of the product at a period of time in the future; and
producing a recommendation of obtaining a plurality of materials to meet a future demand based on the predicted aggregated changes in prices.
2 . The method of claim 1 , wherein each of the plurality of models includes a qualitative model analyzing qualitative data inputs and a quantitative model analyzing quantitative data inputs.
3 . The method of claim 2 , wherein analyzing quantitative data includes applying a natural language process to the text of news articles to determine an effect on the predicted price.
4 . The method of claim 1 , wherein the prediction outputs include availability of each of the plurality of materials.
5 . The method of claim 1 , further comprising deconstructing the product into the different plurality of materials.
6 . The method of claim 1 , wherein an aggregated product cost is determined by determining the weight of each of the materials based on predicted material cost.
7 . The method of claim 1 , further comprising automatic communication of an order for at least one of the materials based on the recommendation.
8 . The method of claim 1 , further comprising ranking the plurality of materials by influence on the product production.
9 . The method of claim 1 , further comprising scheduling a manufacturing system to produce the product based on the resulting output.
10 . The method of claim 1 , further comprising displaying on a display an interface with the predicted prices of each of the plurality of materials and providing a communication input to contact a supplier of at least one of the plurality of materials.
11 . A system comprising:
a memory; and
a controller including one or more processors, the controller operable to:
determine a plurality of materials necessary to manufacture a product;
collect data related to the price of each of a plurality of materials required for the product over a predetermined period of time;
predict the price of each of the plurality of materials at a future time based on the collected data via a plurality of models;
aggregate the prices to determine the aggregate predicted cost of the product at a period of time in the future; and
produce a recommendation of the materials to meet a future product demand based on the predicted cost.
12 . The system of claim 11 , wherein each of the plurality of models includes a qualitative model analyzing qualitative data inputs and a quantitative model analyzing quantitative data inputs.
13 . The system of claim 12 , wherein analyzing quantitative data inputs includes applying a natural language processor to the text of news articles to determine an effect on the predicted price.
14 . The system of claim 11 , wherein the prediction outputs include availability of each of the plurality of materials.
15 . The system of claim 11 , wherein an aggregated product cost is determined by determining the weight of each of the materials based on predicted material cost.
16 . The system of claim 11 , further comprising an interface coupled to a supply system, wherein the controller is operable to automatically communicate an order on the interface for at least one of the materials based on the recommendation.
17 . The system of claim 11 , wherein the controller is operable to rank the plurality of materials by influence on the product production.
18 . The system of claim 11 , further comprising a manufacturing system coupled to the controller, wherein the controller is operable to schedule the manufacturing system to produce the product based on the recommendation.
19 . The system of claim 1 , further comprising a display coupled to the controller, the controller operable to display an interface with the predicted prices of each of the plurality of materials and provide a communication input to contact a supplier of at least one of the plurality of materials.
20 . A non-transitory computer-readable medium having machine-readable instructions stored thereon, which when executed by a processor, cause the processor to:
determine a plurality of materials necessary to manufacture a product;
collect data related to the price of each of a plurality of materials required for the product over a predetermined period of time;
predict the price of each of the plurality of materials at a future time based on the collected data via a plurality of models;
aggregate the prices to determine the aggregate predicted cost of the product at a period of time in the future; and
produce a recommendation of the materials to meet a future product demand based on the predicted cost.