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Product demand forecasting service

The implementation of our AI-driven product demand forecasting service led to a 27% increase in accuracy, significantly enhancing company operations.

Client

Retail company offering fashion products manufactured in-house as well as items produced by the resale partners.

Objective

Improve the accuracy of the sales forecasting process for client’s most popular product lines. Existing COTS (commercial off-the-shelf) demand forecasting software generated unreliable numbers that significantly differed from the actuals.

Solution

Our data science team

  • analyzed the quality of the sales department data,
  • cleansed and labeled the data set to ensure adequate fit for the machine-learning engine,
  • experimented with a number of ML algorithms and identified the best match,
  • and finally built the AI service that greatly exceeded the accuracy of the existing forecasting software.

Once the initial ML model has been developed, we implemented the automated retraining mechanism to ensure the Service keeps improving on its own when new data becomes available.

Result

Our AI-powered product sales prediction process got a major accuracy boost which improved company operations by a significant margin. The product sales prediction process received a 27% accuracy boost , significantly improving company operations.

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