Demand Forecasting & Inventory Planning
Employing Data Engineering, AI/ML, and Advanced Analytics for
Improved Forecast Accuracy, Reduced Lost Sales Opportunities,
Reduced Inventory Carrying Costs, and Efficient Inventory Plans.
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.
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.
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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