How to Slash Inventory Using Signal Processing & Machine Learning
The number of SKUs in retail is growing to the order of tens of thousands. Not all SKUs are equally popular and their demand is determined by global and local factors. This adds a lot of uncertainty to inventory spend decisions. In the retail industry, inventory demand planning and sales forecasting is the key to being competitive and having happy customers without excess spending on inventory. Inventory demand forecasting determines sufficient just-in-time replenishment, timely buying decisions, effective supply chain decisions, and inventory spend optimization. Overprediction or underprediction of demand also costs in terms of out-of-stock percentages, inventory aging, and logistics costs.
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