Artificial Intelligence Partials

Forecasts

Retailers have difficulty creating accurate, timely demand forecasts, and many third-party systems are outdated and can not understand the complex patterns of consumer behavior, according to Symphony RetailAI’s study. As a result, 34 percent of supply chain retailers surveyed in September 2018 stated that one of the biggest challenges in the supply chain is the lack of predictive accuracy. Add to this the fact that different forecasting strategies are required for different product types.

Machine learning provides a potential solution for understanding sales patterns and anomalies, and helps retailers understand the external impact, pinpoint its relevance, and improve predictive accuracy.