An AI / ML-based Supply Chain Planning Solution is the need of the hour for accurate demand forecasting in the current uncertain situation

“In today’s ever-changing dynamic business world, the way organizations react and adapt often defines their success in the hyper-competitive business environment. Supply Chain planning plays a critical role in the ability to adapt quickly to changes in the environment. The core of good supply chain planning is the propensity to predict future demand accurately, effectively, and efficiently.

Traditional supply planning and forecasting techniques are not always able to predict changing demand behavior accurately in the modern business environment. Factors other than historical sales significantly impact sales demand today making it difficult to rely on sales history alone for accurate demand forecasting and supply planning.

The traditional statistical forecasting models rely solely on historical sales patterns and are unable to capture the impact of external factors such as sudden weather changes, political instability, infrastructure collapses, the effect of social media on both favorable or unfavorable comments going viral, and such external influences on sales to make accurate forecasts.

An AI / ML-based supply chain planning solution is the need of the hour. It enables your system to ‘learn’ of the historical demand behavior, sense changes in the environment on a real time basis, and predict sales demand with greater accuracy. It enables organizations to react to a fast-developing demand situation more in a quick and efficient manner. “ 

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