Demand forecasting has been done in very traditional manner by either human intuition or past demand and company’s perceived growth or decline. This sort of forecasting does not take into account several real-world uncertainties including variability in demand, supplier delivery times, quality issues, production line disruptions and the list goes on. Even when all of this data is available, it is very difficult for humans and rule based software to find correlations and patterns and perform accurate future forecasting.
Our AI system takes vast amount of data from different sources. This includes past sales data, supply chain data, macro economic data etc. and learns correlations to accurately predict future demand. We look at different Machine Learning and optimization models such as time series models, regression models and develop the system with the one that is most accurate and serves the business needs well.
The Technical Bit
Our forecasting engine uses a range of different machine learning and optimizing methods for predicting future demand. These models are trained using our proprietary algorithms. They take vast amount of data from different sources and predict future demand levels and give recommendations on the optimal level of stocks for different products.
Our AI system not only gives future forecasting but also suggests set of actions in form of recommendations which business personnel can take. This are in plain english and anyone can understand them. These can also be integrated directly into your IT system for real time accurate decision making and business intelligence purposes. Ultimately you will see increased revenues and business efficiencies.