Predict Future Demand and Impact of Special Events with Higher Forecast Accuracy
Invent’s Demand-Driven Forecasting utilizes proprietary algorithms based on the latest scientific research. Demand-Driven Forecasting creates demand forecasts at all levels of aggregation, ranging from high-level long-term product group forecasts to detailed daily store-SKU forecasts.
Demand-Driven Forecasting creates demand forecasts at all granularity levels – ranging from high level long-term product group forecasts to detailed daily store-SKU forecasts. The system selects the most suitable model based on the demand behavior from an extensive library of forecasting algorithms.
In addition to historical sales data, the system utilizes publicly available data, such as weather forecasts, and customer-specific data, such as marketing calendar and product features.
Machine Learning Models
Our proprietary forecasting algorithms learn time series and demand behavior across many stores and many products together.
Promotions and Price Sensitivity
The system analyzes how different promotion types and markdowns affect SKU/store pairs and adjusts estimates of future demand accordingly.
The system continues to learn from past forecast performance and improves its accuracy every day.
Omnichannel retail enables customers to “buy-online-pick-up-in-store” and “buy-online-ship-from-store.” Forecasting models take into account the true source of demand.
The system determines product seasonality footprint and reacts accordingly in order to increase accuracy of future demand forecasts.
Lost Sales Analysis and Clustering
Accurate forecasting requires an accurate reading of the past. Demand-Driven Forecasting prepares the data by taking care of outlier detections and effects of one-time events for robust and reliable forecasts. The forecasting engine calculates estimates of lost sales based on stock-out data and uses this information to create more accurate predictions of future demand.
Lost Sales Correction
Monitors and reports lost sales and stock-outs; incorporates this information into demand forecasting for more accurate estimates of future demand.
Segment your products by volume, demand and lifecycle stage and develop forecasting strategies tailored for each segment.Store Clusters Identify stores that are similar to each other based on known store characteristics and observed demand profile.
Identify stores that are similar to each other based on known store characteristics and observed demand profile.
Demand-Driven Forecasting leverages cloud for agility, flexibility and return on investment. It requires no IT investment and is offered as a pay-as-you go plan.
Smart Reports on Tableau
Demand-Driven Forecasting provides users with customizable reports on forecasting performance utilizing the visualization tools of Tableau.
Demand-Driven Forecasting can be integrated with all ERP systems seamlessly. The user interface can be accessed from any HTML5 compatible device.