Company Name: StockSmart
Project Objective:
StockSmart is experiencing frequent stockouts and overstocking due to inaccurate demand predictions and ineffective inventory management practices. This has led to lost sales opportunities and increased holding costs. The objective is to optimise inventory levels by developing a demand forecasting model that leverages historical sales and demand data, ensuring balanced stock levels and improved operational efficiency.
Requirement:
- Develop a model to calculate optimal stock levels for various products.
- Forecast future demand using time-series or regression methods.
- Generate replenishment recommendations based on lead times and sales velocity.
Detailed Features:
- App Features:
- Inventory analysis to flag stock issues.
- Demand forecasting model for replenishment.
- Dashboard to visualise inventory status and recommendations.
- Deliverables:
- Phase 1: Inventory framework and mock dashboards.
- Phase 2: Prototype for optimisation and recommendations.
Technology Suggestion: Excel for modelling, Power BI for dashboards.
Expected Output:
- Phase 1: Inventory analysis and dashboards.
- Phase 2: Interactive inventory optimisation tool.