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."