Inventory Management
Why this use case matters
Inventory optimization relies on advanced analytics and machine learning to help manufacturers reduce inventory levels of parts required in manufacturing activities while maintaining confidence that they will not run out of these parts. A successful inventory optimization process will accurately forecast demand and respond quickly to risks and opportunities to maximize financial returns.
Techniques
Demand Forecasting, Optimization
Algorithms
Dynamic Linear Models (DLM), Classical Time-Series Forecasts, ARIMAX, Multilayer Perceptrons (MLP), Long Short-Term Memory (LSTM), NeuralProphet, Tabu search, Stochastic Forecasting, Bracketing
Outcome
Inventory management analytics helps manufacturing companies meet demand volatility and supply chain challenges head-on. Using machine learning to create an inventory optimization tool has the potential to make manufacturers more competitive in their space.
Mosaic developed and deployed an inventory optimization tool for a global chemical manufacturing company that captures a diverse & large product catalog.
Mosaic has compiled our industry expertise into a Machine Learning playbook for Manufacturing.
