For one of our fashion industry clients we forecasted seasonal sales with over 95% and used the forecasts to improve the next season’s order and generate additional 5% of sales by redistributing the current stock across the stores.
We managed to deliver before mentioned results because:
- our business experience enabled us to define the right problem i.e. use forecast to generate tangible business value
- our data experience enabled us to create the relevant data from various sources
- our analytics experience enabled us to use the cutting edge machine learning models to create the best forecast
- our business process knowledge enabled us to find the most profitable application of the forecast
- our artificial intelligence knowledge enabled us to create the optimization algorithms that made a better seasonal order and allocation of goods throughout store
- our experience in creating prototypes enabled us to implement the solution in the current business processes
- teamwork with our client enabled us to generate tangible value
Modern technology empowers many people to try cutting edge machine learning models but without understanding of the potential application forecast remain just that – numbers. The real master uses many tools to create an object of value and for someone who only knows for hammer everything will look like nail.
Below is the approach that we use in our artificial intelligence and machine learning projects.
