A large home improvement retailer is facing issues with respect to inventory planning in two of its departments, leading to burgeoning costs, inefficient processes, customer dissatisfaction etc. The client needs a solution for accurately forecasting demand so that inventory planning can be more scientific.
Business volatility and complex influencing factors make forecasting a tricky business. Our Machine Learning algorithms deliver reliable results that ‘learn’ from data to build and constantly refine predictive models.
Our Data Science team uses a host of forecasting methods for a given demand estimation problem and selects the model that gives the best results, in terms of minimal forecasting error and highest stability.
- Axtria’s demand forecasting helped estimate demand by products at different price points enabling effective and efficient inventory planning.
- High granularity of forecasting was provided including demand with respect to color, texture and size of the products. The model helped in stocking the right inventory.