Forecasting Scenario - can I do this with Product Families?

Our company currently forecasts by specific finished goods item numbers, and we are evaluating changing to forecasting by product families.  Our objective is to make forecasting simpler.  We have about 1 product family for every 100 finished goods item numbers.  But the key to our success will be forecast consumption.  In my testing, consumption is not working as I expect - but it is working in a way.  FYI we use Process manufacturing with ASCP - I don't think this makes a difference to this solution.

The desired process would be as follows:

1) Product families are created and items are assigned

2) Product family items have Planning Recipe or BOM for driving demand on raw materials