Unlocking the Power of AI & ML in Business Forecasting
How PlanIQ and Amazon Forecast are Revolutionizing Decision-Making
Embracing the power of data and advanced AI/ML technologies is no longer an option but a necessity in today's rapidly shifting and competitive marketplace. As businesses, especially in the consumer goods and retail sectors, strive to optimize supply chains and reduce waste, smart, timely decision-making is key.
Exciting developments in next-gen forecasting technologies are providing powerful solutions. For instance, Amazon Web Services' (AWS) Amazon Forecast and Anaplan's PlanIQ are making a significant impact. These tools harness the power of AI and ML to unlock insights, optimize critical business tasks, and enable businesses to react quickly to demand changes.
PlanIQ, in particular, combines AWS's intelligent forecasts and its own algorithms, like Multivariate Linear Regression, for more informed predictions. The ease of deploying and operating PlanIQ means it's simple to start unlocking new insights, helping businesses uncover opportunities and make quicker, smarter decisions. One notable success story is Carter's, a major U.S. children's apparel brand, which, with the help of Anaplan, removed eight days of inventory from its supply chain, saving $25 million annually in inventory carrying costs!
Moreover, the versatility of these tools is impressive, with use cases spanning retail and inventory forecasting, workforce planning, and travel demand forecasting. A testament to this versatility is a retailer of food and hygiene products that improved forecast accuracy by 1.4%, saving an estimated $4 million in one region using PlanIQ.
In this era of data-driven decision-making, AI/ML tools like Amazon Forecast and Anaplan's PlanIQ are not just helping businesses survive the volatile market conditions, but thrive in them.
Transform supply chain planning into your competitive advantage with Anaplan and Amazon Forecast - https://aws.amazon.com/blogs/industries/transform-supply-chain-planning-into-your-competitive-advantage-with-anaplan-and-amazon-forecast/