Forecasting Inventory Needs with Machine Learning and AI

Learn the importance of Machine Learning and AI when it comes to forecasting inventory.

Jonny Parker
November 21, 2023

Even if your business started with a single employee, you know the value of keeping track of inventory. For many businesses, conventional pen-and-paper methods or simple computer programs have sufficed to track their purchases, sales, stock, and reorders. 

However, scaling your company in an increasingly competitive market requires progressively more accurate systems that can handle your business’s growing needs, especially when managing inventory across multiple locations.

Over half of businesses with retail inventory management solutions reported needing improvement in those solutions in 2020. The main challenge they reported was a lack of accurate demand planning and forecasting compared to the speed of changing industry trends relative to their business’s size.

 In 2023, inventory management systems can utilize machine learning and AI to address these challenges by providing accurate, real-time forecasting that provides businesses with the data they need while being optimized to scale.