Discover how ‘Predict’ leverages AI/ML driven advanced analytics to improve demand forecast accuracy
In this post COVID world, the need for omni-channel retailing has become more important than ever. There is now a heightened need to understand individual consumer preferences across multiple channels, predict demand clusters to ensure the right product is at the right location at the right time.
How ‘Predict’ can help you in accurate forecasting?
‘Predict-Demand Planning’ is a retail analytical tool to sense customer preferences and other demand signals in real time, analyze and simulate various forecast scenarios (factoring for causals - price, promotion, competitive and effects – affinity, cannibalization, new products) by customer segments across channels, time horizon, product hierarches and functions - allowing for a single demand plan across functions and a truly collaborative and responsive supply chain. It also gives you an option to forecast wholesale demand on the same platform.
Benefits of using ‘Predict’ in your Demand Planning cycle:
- Improved forecast accuracy of greater than 95%
- Increased inventory turnover through reduced need for safety stock
- Reduced “Out of stocks” by predicting increase in demand in advance
- Better margins, through proactive, optimized markdowns
- Improved customer satisfaction, increased sales with high availability of right products at the right locations
- Reduction in planning time and errors by sharing data across spreadsheets
To ensure seamless integration with your organizations enterprise systems, we have tightly coupled our planning engine – ‘Predict’ with Microsoft’s Dynamic 365 Commerce & Supply Chain which unlocks significant potential for organizations because our solution:
- enables continuous synchronization of data allowing algorithms to be updated at the speed of business
- provides widget app like visualization of forecasts in a Dynamics 365 environment, thereby improving usability and end user acceptance
- allows organization to automatically harness the power of its enterprise data without spending millions of dollars in creating additional data infrastructure
Get a first impression of the solution by using our ‘Test Drive’ option.
Test Drive gives you an overview of key features where you can forecast demand yourself with a pre-configured dataset. As soon as you sign up for the test drive, you will receive access to a private, preconfigured virtual test environment.
A complete tutorial is also available within the application to help you understand the features.