What is demand forecasting in Retail

What is demand forecasting in Retail

Defining Demand Forecasting Demand forecasting as the term suggests is predicting the need for a product in the near future. Take a simple example -...

Forecast new product success scientifically

Forecast new product success scientifically

A new product is launched in the market to reduce the inflation cost of production by making improvements on existing products, targeted to the current...

A use case for what-if tool - Long horizon forecasting example

A use case for what-if tool -...

The need for long-horizon forecasting Long-horizon forecasting involves predicting a situation 1.5-2 years in advance. Some businesses need such horizons for procurement of raw materials,...

The Coronavirus Crisis-The impact of COVID-19 on the retail industry

The Coronavirus Crisis-The impact of COVID-19 on...

While COVID-19 spreads globally, the retail industry braces for the outbreak’s fallout. From the slowdown in sales at the moment to not being able to...

Factors to keep in mind while Forecasting

Factors to keep in mind while Forecasting...

A famous quote coined by Paul Saffo, a consultant associate professor at Stanford University who has been a technology forecaster for more than 35 years...

Inventory rebalancing - Part 2

Inventory rebalancing - Part 2

In part 1, we built a crucial foundation to understand problem of inventory imbalance. Here, in part 2, we will dig deeper into the solution...

Confidence Intervals

Confidence Intervals

What are the confidence intervals? In statistics, it is almost always impossible to deal with the entire population as a whole. When I say population,...

Inventory rebalancing - Part 1

Inventory rebalancing - Part 1

Introduction Any retail chain organisation, operating multiple stores across multiple states and cities, and sometimes in multiple countries, has to optimise its supply chain to...

Product recommendations using HRNN

Product recommendations using HRNN

E-commerce websites are a common goto destination for us and thus we all are very well aware of the importance of recommendations provided by them....

5 Things To Know About AI In Supply Chain Optimization

5 Things To Know About AI In...

Artificial Intelligence (AI), defined by Gartner as a technology that “applies advanced analysis and logic-based techniques, including machine learning (ML), to interpret events, support and...

Are you ready for the artificial intelligence supply chain model and its impact on sales?

Are you ready for the artificial intelligence...

Modern industrial sales and supply chains are complex. The amount of a product or service that a company can sell or produce over a given...

Why you need demand forecasting solutions using machine learning?

Why you need demand forecasting solutions using...

A Gartner survey indicates that demand volatility is the top pain point for business executives - irrespective of the industry they are in. It indicates...

What is a customer data platform?

What is a customer data platform?

WHAT IS CDP? The term CDP stands for Customer Data Platform. CDP is defined as a packaged software that centralizes customer data from all sources...

Stockouts - what are the causes and how to avoid them

Stockouts - what are the causes and...

StockOuts and Why It Happens According to wiki, A stockout, or out-of-stock (OOS) event is an event that causes inventory to be exhausted. In layman...

Retail Stock Management Techniques For New-Age Retailers

Retail Stock Management Techniques For New-Age Retailers...

No business has ever become successful with ineffective retail stock management. Take the biggest of names in the industry and the statement holds true. Walmart...

Retail Analytics-Why it is important?

Retail Analytics-Why it is important?

Why it is important for retail inventory optimization and more The competition in retail is increasing by the day. No matter which industry you’re in...

Demand forecasting retail-Best practices

Demand forecasting retail-Best practices

Best practices for smarter predictions Demand forecasting retail is one of the toughest jobs. One has to look into the existing market data, store performance,...

ML in supply chain optimization

ML in supply chain optimization

How ML in supply chain optimization is improving management and efficiency Machine learning is one technology that has revolutionizing industries by helping optimize their day...