Prophesy

Assets & inventory management
Retail & Wholesale

Solution Overview

In the retail sector, accurate demand forecasting is crucial for efficient inventory management, minimising cost, and enhancing customer satisfaction. Prophesy is an AI that ingests numerous variables and operational data along with local sensitivities to forecast stock levels with increasing accuracy.

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Key Features

Retailers and wholesalers have a critical need to improve their day-to-day forecasting systems. With vast arrays of line items available in multiple outlets, accurate demand forecasting is crucial for efficient inventory management, optimising cost, and enhancing customer satisfaction.

Existing forecasting systems lack efficiency, robustness, and flexibility. Generally, they are unable to accurately factor in all the critical variables that significantly influence demand, such as payday weekends, bank holidays, promotions, and weather conditions. All of which can vary on an individual Item and Outlet level.

Key Benefits

The implementation of the new forecasting algorithm by ABNS led to significant improvements in the retail supermarket company's forecasting system. The enhanced accuracy in demand prediction led to:

Optimised inventory management, leading to a decrease in costs associated with overstocking and understocking.
Increased customer satisfaction due to better availability of products.
Greater operational efficiency with the automation and configurability of the forecasting process.
Improved decision-making ability due to the incorporation of real-time analytics in the front-end application.

Resources

GLC_Retail_Case_Study_Prophesy.pdf

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GLC_Technical_Case_Study_Prophesy.pdf

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