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Automated Machine Learning Helps Retailers Better Forecast Demand

Automated Machine Learning Helps Retailers Better Forecast Demand

Keeping track of product inventory is a daunting task for retailers, especially as they attempt to predict consumer demand. Only 17% of retailers say they have full visibility over their inventory. Globally, retailers can potentially lose up to $17 billion a year in online sales because products are not available when consumers want to buy them.

Automated machine learning offers a solution to tackling the demand forecasting challenge, by giving retailers tools to:

  • Enhance retailers' ability to predict future demand for goods at the SKU level;
  • Help managers make informed decisions that could save significant amounts of money; and
  • Integrate best practices in "time series modeling."

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