Demand forecasting is not a new concept in the supply chain. In fact, it is often referred to as ‘guessing between the goalposts,’ and for the most part that was right.
Now, by using algorithms that not only predict demand to drive forecasts, but also incorporate external data sources and continuously learn and optimize the algorithm without intervention, we have the ability to significantly reduce the space between those goal posts. Using AI we can improve the accuracy of our forecasts, allowing us to predict where and when those products should be deployed ahead of customer demand. The result? Improved forecasts, reduced freight costs, better customer service levels and optimized working capital.Join us as we walk through this scenario and discuss the benefits and challenges to consider.