Problem statement
A multinational retailer faced significant challenges in optimizing global demand forecasting processes. Their current manual forecasting methods were inadequate, which were not capturing the complex dynamics of customer demand for diverse products across different regions. Additionally, they required a more advanced forecasting approach that could effectively integrate both internal and external data sources, considering the unique regional factors influencing demand in each region. Also, they faced challenges in effectively harnessing external data sources and seamlessly integrating them with their internal systems. This hindered their ability to pinpoint growth opportunities and make well-informed global investment decisions. Addressing these challenges was crucial for enhancing forecasting accuracy, optimizing resource allocation, and capitalizing on market opportunities effectively.
Impact
- 15% Reduction in Inventory holding cost.
- 35% Reduction in time spent on baseline planning.
- 20% Reduction in lost sales due to stockouts.
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