Machine Learning in Demand Forecasting: The Hero of Supply Chain
Many business executives complain that the top pain point to them is the sudden negative variations in the demand of the product. Changes that no one saw it coming! The world’s largest IT research firm, Gartner came up with a term for the same problem that many organizations suffer from : Demand Volatility. There are numerous factors that affect the demand of a particular product or service, be it weather fluctuations, trends, availability of alternatives, period of recession and looking at the power of Social media- even posts by Social influencers or celebrities impact the buyers. For instance, let's look at both sides of the coin here. Daniel Wellington, a Swedish watch startup, is one company that uses a global network of influencers to market their watches. One of the influencers on Instagram posted an eye-catching and well-composed image with a caption that not only talked about the watch in photo but also how her followers could get one with a discount. Due to it