“Demand volatility” concerning demand forecasting is one big issue that many business managers encounter today. As data availability continues increasing, the purchase pattern of customers becomes more complicated. Unfortunately, a complex customer’s purchase pattern will only make future demand for products hard to understand. One effective way to respond to these issues is by relying on Demand Forecasts (AI-driven).
What exactly is demand forecasts (AI-driven) in the supply chain? Why should you consider an AI-powered demand forecasting approach for your business? Read on to discover the right answers to the burning questions above.
How can Remi AI provide solutions to your demand volatility issues?
- Demand volatility is a variation in demand for your stock-keeping units (SKUs), which involves an unpredictable and rapidly changing market.
- Remi AI is an AI-powered demand forecasting tool that provides solutions to various issues relating to demand volatility.
So, here’s the question; how exactly does an AI-powered demand forecasting tool provide solutions to demand volatility?
In the past, demand forecasting often took the form of predictive analytics. In this case, historical data is often relied upon to understand the future demands of stock-keeping units.
Today, however, the advancement of technology has brought about a new form of predicting future demands of products. This modern approach is known as demand forecasts (AI-driven). This process involves using machine learning algorithms (instead of historical data) to make accurate predictions about changes in consumer demand for your products.
With Remi AI, it becomes very easy to automatically understand your customer’s purchase pattern. That’s not all; this AI-powered demand forecasting tool also makes it easy for you to identify complex relationships in large datasets, including how to acquire signals for demand fluctuation.
Importance of Remi AI for demand forecasting
- Accurate predictions
One big benefit of Remi AI is that it helps business executives to achieve accurate predictions of future demands for products. Although the result might not be effective at the early stages, as its machine learning algorithm continues to learn from existing data over time, there’ll be a lot of improvement in the accuracy of forecasts.
- Increased customer satisfaction
Imagine having orders from your customers only to find out that what they’re demanding is out of stock. This experience can always decrease your customer’s satisfaction. To avoid this issue, Remi AI is one of the best AI-powered demand forecasting tools you can rely on. It ensures that your stocks are readily available for your customers to purchase at the right time.
- Workforce planning
Today, workforce planning is an essential part of every business environment. This move will assist your company in preparing for future challenges. This way, you can easily analyze the competencies of your workforce and reduce the costs of ineffectively hiring more employees.
With Remi AI, you’ll certainly enjoy improved workforce planning. The AI-powered demand forecasting tool will support your HR department when it comes to making proper decisions regarding hiring full-time and part-time staff. This will directly improve and optimize the costs of hiring new staff.