Sales Prediction is a grossly important component of inventory management that helps keep track of sales and demand so you can better manage your purchase orders. It is a great inventory management tool that can increase your company’s revenue and decrease unnecessary costs.
The main benefits of inventory forecasting:
- It minimizes stockouts
- Reduces inventory holding costs
- Reduces product waste
An inventory management showcase you can see next is meant to portray a retailer that is looking to predict sales and fill in the inventory to meet those sales. This process has four steps. Data is going to be extracted from a CRM. The narrator is going to use a machine learning model to predict sales. He’s going to have human interaction and in the end, a UiPath robot is going to enter the data into a purchasing platform. This type of process has large volumes of work. Imagine that people usually would need to do this manually. They would need to go through the stocks, take them down or extract reports, read reports, interpret reports and then make producing decisions and all this will require manual input, manual reading, and manual work. Now, this all leads to very unreliable forecasting.
The solution that is used for this showcase, obviously leveraged Uipath robots, and they are supported by a machine learning algorithm in the background hosted in AI fabric. There will also be web scraping to get the data from CRM and then the integration with an ERP. This type of solution can work with any ERP. Because the robot can do the actions automatically, you can get very rapid results. And because robots always follow the steps that are laid out to them in the workflow, you can get a very compliant process and also very reliable predictions. So, it’s time to take a look at the actual robot that combined with ML brings RPA for sales prediction in inventory management.
