Key highlights
>20 percent
sales forecast accuracy
10 percent
stock optimization
Waste reduction
via better food demand forecasting
Challenges
The goal was to identify better discounting strategies for department store goods.
The department store sought to improve estimates for ready-to-eat food provisioning at the point of sale.
Solution
1.
A data science model was developed to optimize markdown pricing and forecast sales demand.
2
Computer vision was used at the rotisserie chicken counter to monitor real-time sales.
3.
A predictive model was created to improve demand estimation over time.
Impact
Improved results
Enhanced sales demand forecasting and optimized stock management.
Reduced costs
Lowered capital expenditure (CAPEX) from inaccurate demand and inventory forecasting.
Minimized waste
Significant reduction in food waste.