overstocking
Overstocking occurs when a company holds more inventory than necessary, leading to increased storage costs and potential losses from unsold goods. It happens due to inaccurate demand forecasting, poor inventory management, or changes in consumer behavior. Overstocking ties up capital and can negatively impact a company’s financial health.
AI and Overstocking: What to Expect
AI is revolutionizing how you manage inventory. With AI, you can better predict demand, optimize stock levels, and reduce the risk of overstocking. Advanced algorithms analyze past sales data, trends, and external factors to provide accurate forecasts. In the future, expect AI to further refine these predictions, making your inventory management more efficient and reducing waste.
Facebook Prophet vs. Time Series Forecasting
Facebook Prophet is an open-source software for forecasting time series data. It was developed and open-sourced by the Facebook Core Data Science team. Prophet is designed for business users who need to generate high-quality forecasts rapidly without requiring deep statistical knowledge. It works on an additive model where nonlinear trends are fitted with yearly, weekly, […]