Inventory Management | TIM InstantML Use Case

Inventory Management

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.

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Experience the power of InstantML for time series forecasting yourself.

Business Value


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%

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Experience the power of InstantML for time series forecasting yourself.

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