AI Use Case

Predict product demand trends to inform production decisions

Predict product demand trends to inform production decisions. One challenge is to combine internal data sources with 3rd party (e.g. distributor) and external data sets (e.g. social media) to build a complete picture for data analysis.

Function

Benefits

Operational Support - Demand forecasting,Cost - Optimise resource allocation

Case Studies

SteadyServ~SteadyServ manages inventory in real-time using a smart draft beer management system which monitors in-store inventory and analyses sales data to predict demand accurately,H&M~H&M improve single store sales by improving inventory planning through machine learning to discover trends on social media,Otto~Otto reduces the rate of product returns by predicting sales for the next three months with 90% accuracy using machine learning to understand consumer preferences,Stitch Fix~StitchFix keeps track of customer behavioural and purchase patterns to predict demand and manage inventory using state transition matrices and Markov chain models

Industry

Consumer Goods And Services

Retail General

Data Sets

Images,Structured / Semi-structured

AI Technologies

ML Task - Prediction - Regression,Product Type - Natural Language Processing (NLP),Product Type - NLP - Text Entity Extraction,Machine Learning (ML),ML Task - Prediction - Data Translation/Transformation,ML Task - Prediction - Multi-class Classification,ML Task - Prediction - Binary Classification

Potential Vendors

Intel,Blue Yonder