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Reliable demand forecasts are an essential part of a retail business because, simply put, they reduce uncertainty.
With an accurate calculation of how many items you will sell at any given time, you can order, allocate, and replenish those items accordingly.
Beyond supply chain and inventory management, though, an accurate sales forecast can be used to optimize capacity management, workforce scheduling, planograms, and so much more.
In short, the demand forecast is the foundation from which you can drive a wide range of benefits across retail functions.
Shelf Planner is not like other inventory management systems.
Based on data ingested from your store daily and external data sets, Shelf Planner generates new probabilistic models for each unique SKU—for every store, every day. These models are translated into profit maximization models to create the perfect order.
The probabilistic models are fed by vector autoregressive multivariate time series models that use a massive array of data sets, along with machine learning based dependent models to catch every possible swing in the wild world of retail.