Accurate data forecasts are an essential feature when retailers and manufacturers are planning their inventory. In order to maximise profits and improve top lines and bottom lines, it is extremely crucial for retail companies to have an accurate picture of their possible demand graph when planning inventory every season. Machine learning in supply chain and artificial intelligence for supply chain enables retail players to fine-tune supply planning and gain business intelligence and insight based on historical and actual data.
Retailers often find difficult to accurately forecast demand, leading to stockouts, overstocking and lost sales opportunities, unhappy customers. Optimising inventory management through demand forecasting in supply chain management and business intelligence improves supply planning, reduced inventory holding costs and increases sales revenues.
