Automated Predictive Reporting, made possible with TIM
Inventory Management
Automated Predictive Reporting, made possible with TIM
Reduce safety stock and therefore reduce inventory costs.
Use Case Objective
Forecasting the demand for products lies at the center of inventory management. There is a direct relation to the forecasting accuracy and safety stock a company needs to hold in inventory.
This demonstration shows a Proof of Value where TIM is used to forecast the demand of a specific product which is sold at 30 different locations. TIM’s forecasting capabilities are compared to a basic forecasting solution which was in use at the time of the PoV.
The objective of this exercise was to show that TIM can quickly generate multiple models in parallel, that are capable of reducing the safety stock and therefore reducing inventory costs.
How TIM makes this easy
TIM makes hundreds of unique, high-quality and insightful models fully automatically and very quickly.
TIM manages and maintains these models automatically and dynamically.
Data science complexity is removed.
You have a fully automatic and reliable AI/ML solution to improve your daily decisions and planning.
Explore this dashboard now
Experience the power of InstantML for time series forecasting yourself.
The business value coming from TIM in this use case is two-fold:
1. Improved logistics: with InstantML you can more accurately forecast the weekly number of units sold. With this information you can reduce safety stock and manage inventory.
2. Scaling: after a successful conclusion of the PoC, this solution can easily be scaled from the 30 selected location to all +1000 locations worldwide with the same effort.
Input Data
Dimensions: Store Number
Target: Number of Units Sold
Predictor candidates:
Calendar & holiday information
Promotions
Output
Predictions & Accuracy validation
Insights (Predictor and Feature Importance)
Inventory Management Calculations
TIM Configuration Settings
Sampling rate: daily.
Moment of forecasting: once every week.
Forecasting horizon: 14 days ahead.
TIM Engine settings: business user mode (default settings)
Assumptions
The lead-time is 3 days
The service level is set to 95%
Explore this dashboard now
Experience the power of InstantML for time series forecasting yourself.
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