Data science and business have become a perfect duo from the time of AI inception. With the rise of natural language processing, computer vision and other AI innovations, market players have received powerful instruments to build products that transform industries, change the way we do business and approach our daily routine....
Goods Demand Forecasting
Software Solution for Demand Forecasting
Goods demand forecasting is an effective and indispensable data science solution for retail and ecommerce companies that helps them keep track of goods and predict future sales based on historical data. The software allows businesses to make rational and important decisions on determining the optimal quantity of goods and meeting the future customer demand.
One of the biggest US retailers was looking for a solution that would help them analyze and predict demand for particular products throughout the country. They wanted to have a software system that would forecast the future demand for particular goods and predict when (exact month and day) and how customers will behave.
To develop a goods demand forecasting system that would meet the client’s challenges, LITSLINK started with building predictive models for different types of goods that would use historical data to analyze and forecast future sales.
Considerable in-house expertise in data science and machine learning helped us to achieve desired results. We analyzed customer, sales, inventory, and other important data. Then, we used machine learning to forecast the demand of goods across the US.
The forecasting solution helped the retailer to meet its business targets and predict future demand of goods. It allowed the client to store the right number of goods for sale and avoid exceeding its limit for the future. The software can predict the demand with 91% accuracy.
It took us only 7 weeks to complete the goods demand forecasting project for the client.