Data science is changing the way businesses are run and providing an incredible competitive advantage for growing companies. Our client retained us to analyze several years of data and automate production forecasts to decrease the number of back orders and stock outs the company was experiencing.
Pulling from 10 different sources including ERP, finance, google analytics, e-commerce, and others, we established a data-lake and comprehensive dashboards with predictive sales analytics. Given the seasonality to sales, we were able to predict both inventory and consumer sales within 10% for the following year and provide executives with real-time forward-looking visibility into the entire business. Taking that data, we were able to update forecasts and production plans automatically.
After 7 years in business with a back-order rate of ~20%, we were able to simultaneous reduce inventory value and completely eliminate all back orders despite 70%+ annual sales growth.
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