3 AI-based predictive analytics, that will revolutionize the retail and supply chain.
Updated: Jan 20
In the logistics and supply chain business, predictive analytics & Business Intelligence using Artificial Intelligence is making a huge impression since it offers information today in light of what to expect tomorrow, as you might imagine.
you can imagine the benefit it applies to companies in retail or simply an accompli that faces challenges in Retail or supply chain. Here we will discuss about three different predictions and predictive analytics, how your supply chain and logistics is going to benefit from that
Predict the demand of your products
knowing the popularity of your products allows you to optimize your warehouse and the cost of your storage. High demand products will be ordered frequently it should be put in the front of your warehouse. Products with lesser demand, on the other hand, will not be ordered as frequently. It may be stored at the rear of your warehouse, and knowing the estimated demand for each of your items can help you manage your inventory effectively. This will prevent over or under stocking
Predict the demand of your customers.
Predicting the demand of your customers slightly different from addicting with the demand of your products but it will give you a lot of new opportunities knowing which customer will order your products of which day gives you more time to optimize your Transportation & Logistics. You will be able to make better judgments when it comes to outsourcing your orders to third parties. You may also make your human resource schedules more efficient if you know when your workload will peak. You can opt to have fewer workers on standby, which lowers expenses and provides a more stable work environment for your employees.
Predict machine failure,
Predict Machine Failure can cause part of your supply chain to slow down or stop completely until a problem to fix. This can lead to severe costs. Luckily most machines are equipped with various sensors for various measurements such as a temperature and voltage these measurements can be combined with other information about the machine to predict whether the machine will fail. This gives you the opportunity to plan maintenance before the equipment breaks down. It also permits you to put off maintenance on equipment that aren't expected to break down very soon. This lowers your operational costs.
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