gateretail details results of advanced forecasting
gateretail and Supercharge collaborate on advanced forestcasting
gateretail is dedicated to enhancing both its operational efficiency and offerings with cutting-edge digital solutions, it said in an August 8 press release. To achieve this goal, the company collaborated with Supercharge, a next-generation product innovation agency, which delivered a proof of concept (PoC) for a machine learning forecasting solution.
Based on extensive sales data analysis, the Supercharge solution was designed to enhance forecast accuracy, optimize stock levels and address business challenges. By adopting this advanced digital solution, gateretail aims to improve service quality, operational efficiency and overall customer satisfaction.
Machine-learning solutions
The first step in the process for gateretail was to analyze the available data in order to establish a baseline understanding for building the forecasting solution.
Next, a proof of concept was developed to test the feasibility and accuracy of using machine learning for sales forecasting. During this phase, gateretail confirmed the model’s potential and demonstrated high initial accuracy, providing a strong foundation for the subsequent development.
The company then refined and scaled the model to create a robust tool that integrates seamlessly with business processes, enhancing decision-making and operational efficiency.
The primary goal was to provide an accurate and easily automated forecasting model that seamlessly integrates into the daily operations of the supply chain team.
This solution introduces a fresh approach to forecasting and leverages a state-of-the-art cloud environment for deployment. This unique combination not only enhances accuracy but also marks a new era of efficiency and adaptability for businesses in modern data-driven landscapes.
Advanced forecasting
Moving from traditional rule-based forecasting to a machine learning-driven approach has been a game-changing shift with significant impact. Implementing this solution resulted in a double-digit improvement in forecasting accuracy and a remarkable 10-fold return on investment. It has also directly benefited operational excellence and, in turn, customer satisfaction.
gateretail’s commitment to a data-driven approach goes beyond short-term gains. They are focused on establishing a sustainable, long-term data strategy. Utilizing data efficiently ensures sustained competitiveness and exceptional service not just for today, but well into the future. This success drives gateretail towards the next phase: scaling up the supply chain forecasting Proof of Concept (PoC) solution that will replace outdated methods, guaranteeing sustained innovation and improved performance in the ever-evolving landscape of data-driven business operations.
