The retail industry thrives strongly on consumer demand. Thus, timely inventory demand forecasting & inventory planning becomes an important operational area where businesses can find an edge to beat the competition to ensure customer satisfaction and contain lost sales opportunities. Replenishment management is based on demand forecasting in retail which aims to understand future needs. To handle the complexities of the industry, there is a need for a sophisticated replenishment solution that is effective when leveraging precise and reliable product and inventory data.

JK Tech’s Augmented Analytics Solution Powered by Hyperautomation helps in inventory forecasting based on insights derived from data of the customers on their buying patterns across several channels and geographies. We help in analyzing the data that are acquired from multiple systems such as POS, WMS, CMS, ERP, and so on. Our expertise in employing Data Engineering, AI/ML, and Advanced Analytics to examine Time Series Mining, retail sales forecasting, Pattern Recognition, Performance Classification, and Customer Choice model results in Improved Forecast Accuracy, Reduced Lost Sales Opportunities, Reduced Inventory Carrying Costs and Efficient Inventory Plans. Our solution has successfully helped businesses to reduce out-of-stock products by ~33%.

Frequently Asked Questions

What is Demand Forecasting & Inventory Planning?

Demand forecasting is the process of predicting the required inventory levels for a future time utilizing historical data, trends, and events that are known to be coming up. Businesses can fulfill customer orders with sufficient merchandise thanks to accurate forecasting, which also prevents them from spending money on surplus inventory.

Inventory planning is the implementation process for making it happen. The forecast will be used to ensure that every supply chain link operates with the highest efficiency and at the lowest cost.

How and why is Demand Forecasting & Inventory Planning important for retailers?

It helps supply chain experts and demand planners make better inventory decisions and more accurate understanding, predictions, and planning for their products. Retailers may decrease missed sales and consumer returns, as well as safety supplies and spoilage, by creating granular-level projections. Retailers can minimize costs while increasing sales and profits by focusing on demand to deliver the proper quantity of the right products to their locations.

How can JK Tech help increase efficiency in Demand Forecasting & Inventory Planning?

Through JK Tech’s Augmented Analytics solution powered by Hyperautomation, retailers can estimate demand using insights from consumer data on their purchasing behaviors across various channels and geographies.

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