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Rapid Demand Response Forecasting Techniques are Helping Companies Adapt During Covid 19
Rapid demand response forecasting techniques are forecasting processes that can incorporate key information quickly enough to act upon in real time by agile supply chains. This makes it the ideal approach to plan demand during the current disruptions caused by Covid-19. Here I present a case study of using these techniques to assist a major online grocer, employing machine learning and advanced analytics to better predict demand. Combining product attribute data, a range of external data, and historical demand proved to be the best approach to predicting changing demand patterns, protecting this company at this difficult time, and giving it a powerful competitive advantage.