Demand Forecasting Using Machine Learning

The Problem

Accurately forecasting demand can help manufacturers plan production effectively and reduce inventory costs. Many manufacturers still use conventional methods for forecasting demand to manage their supply chain. These methods are found to require manual work, inflexible and inaccurate. Can AI help address these issues?

Solution

Machine learning models deployed on Kranium can analyse historical data from multiple sources including ERP systems, POS, marketing campaigns and more to accurately forecast demand for a product, allowing manufacturers to plan production.

Such models can continue learning from data from multiple sources and can adapt automatically to varying conditions. This results in highly accurate forecasts, reduced inventory costs and thus, higher profits for manufacturers.