gateretail is developing a new AI tool designed to enhance supply chain forecasting and optimise stock levels.
The new machine learning forecasting solution, developed in partnership with product innovation agency Supercharge, marks a departure from traditional rules-based forecasting. It uses extensive sales analysis in a cloud environment to predict retail demand, allowing businesses to improve operational efficiency and service quality.
During testing, the forecasting model demonstrated high initial accuracy before being refined into a tool that can be integrated seamlessly into the daily operations of a business’ supply chain team.
gateretail saw double-digit improvement in forecasting accuracy after implementing the new tool, and 10x return on investment, with an improvement in overall operations and customer satisfaction.
The company plans to scale up the sales forecasting solution to replace outdated models to continue to improve its date-driven business operations.
