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.
Demand Forecasting, Optimization
Dynamic Linear Models (DLM), Classical Time-Series Forecasts, ARIMAX, Multilayer Perceptrons (MLP), Long Short-Term Memory (LSTM), NeuralProphet, Tabu search, Stochastic Forecasting, Bracketing
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.