Optimizing Inventory with AI

The Problem

WINTrio, a highly experienced company in end-to-end Systems Integration Processes and Technologies lacked a reliable system to forecast demand for a diverse range of products in one of their client’s applications, particularly seasonal items and those impacted by external factors like weather or DIY trends.

The Challenge

WINTrio’s client faced several significant challenges affecting their client’s bottom line and customer satisfaction. These included lost revenue from missed sales opportunities due to stockouts, increased costs resulting from carrying over unsold inventory and inefficient logistics, poor customer experiences caused by frustrated patrons encountering out-of-stock items, and a damaged brand reputation stemming from inconsistent product availability. Recognizing the urgent need for a more effective, data-driven approach to forecast demand and optimize inventory levels, WINTrio turned to BlocBelt for assistance in overcoming these obstacles.

The Solution

BlocBelt proposed and developed a dynamic forecasting AI model with the following approach:

Data Collection: BlocBelt gathered historical sales data, product descriptions, website traffic, competitor data, weather patterns, and DIY trend reports.

Data Cleaning and Preprocessing: Our team prepared the data for analysis by handling missing values, outliers, and inconsistencies.

Model Building: BlocBelt experimented with different machine learning algorithms, including ARIMA, SARIMA, LSTM, and Prophet. She hyper-tuned the models and compared their performance based on accuracy and metrics like MAPE (Mean Absolute Percentage Error).

Visualization and Reporting: Our team built interactive dashboards to visualize forecasts for individual products and product categories. We also generated reports highlighting potential stockouts and opportunities for optimization.

Results

Reduced Lost Sales: The model accurately predicted spikes in demand, allowing WinTrio to proactively increase inventory and avoid missed sales opportunities.

Decreased Overstocking: Improved forecasting eliminated unnecessary stockpiling, freeing up valuable warehouse space and reducing holding costs.

Enhanced Efficiency: Automated forecasting streamlined the ordering process, thus increasing operational efficiency.

Improved ROI: The project yielded a substantial return on investment (ROI) through increased sales, cost savings, and increased efficiency.

BlocBelt successfully demonstrated the power of AI in optimizing inventory management. Through data-driven insights and automation, WINTrio’s clients achieved significant operational and financial improvements.

“We partnered with BlocBelt to get assistance in UI/UX design for one of our mobile applications, that was based on providing a platform for patient care management. The best thing we liked about BlocBelt was they understood the end goal of what sort of product we wanted to deliver to our client and their expertise in UI/UX design helped us to deliver the required in house project successfully.”

“BlocBelt has been a valuable partner through CyanGate’s journey assessing technologies and launching a new solution. BlocBelt demonstrated their ability to provide resources that master the challenging technical aspects and timeline of our development efforts”

Let's Discuss Your Project

Contact US

Get in touch to leverage the technical expertise that you are looking to get DIGITALISED