D

Demand Forecasting

We aim to make demand forecasting using time series so that supply chain of wholesaler,distributor,retailer is maintained on the basis of demand according to geographical locations

Created on 14th February 2021

D

Demand Forecasting

We aim to make demand forecasting using time series so that supply chain of wholesaler,distributor,retailer is maintained on the basis of demand according to geographical locations

The problem Demand Forecasting solves

An organization faces several internal and external risks, such as high competition, lack of proper technology, labor unrest, inflation, recession, and change in government laws. Determining the demand or sales prospects for its products and services is very important to lessen the adverse effects of such uncertainty in the markets.

However taking so many factors into consideration manually is extremely difficult.

We aim to make this prediction easier by implementing machine learning techniques in a web app. Our application predicts with reasonable accuracy and helps both retailers and distributors boost their businesses.

Challenges we ran into

  1. Small dataset
    Approach to Solve - We created our own data using random gaussian distribution assuming trends and seasonality would be present in the data.
  2. Business terms were a little difficult to understand.
    Approach to Solve - First we googled and try to understand but still we were not able to comprehend it well so we approach mentors and they cleared all our doubts.

Discussion

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