Global Retail Company Improves Forecasting & Increases Revenue with Supply Chain Analytics Solution
The forecasting system at a global retail company did not provide accurate information at a quantity that was meaningful for inventory management to forecast demand in an effective and timely manner. The company needed to increase sales by improving the quality of forecasting accuracy, to create better-informed inventory management and subsequent revenue opportunities. Complete development and testing of new algorithms, and parameters, in the new forecasting system was required prior to implementation.
Propeller partnered with company leadership to establish a two-pronged approach: design and construction of a new forecasting tool; and ongoing project and change management to roll the system out to users - including inventory planners and retail distribution centers across the globe. The team collaborated with key stakeholders to determine functional requirements, and utilized an agile framework to lead a team of data scientists in iteratively building, testing, and fine-tuning the new system. Stakeholders were consistently engaged throughout the design, testing, and implementation process, ensuring alignment with business priorities and timelines. Confidence was high among stakeholders and ensured a seamless adoption of the application by business users.
- Business - Data Alignment
- Data collection process refinement
- Visualization & Reporting
- Data Strategy
- Data Quality and Readiness - cleansing
- Data & Analytics Workflow Management
- Business Infrastructure & Tools
- Project Management
The team was able to develop a new analytics tool, with improved forecasting capabilities, without disrupting the company’s inventory planning timelines, and consistently demonstrated value to stakeholders across the organization during the design, build, and implementation phases. This advance in analytics capabilities increased inventory managers’ confidence when making data-driven demand-planning decisions and improved the accuracy of their work, resulting in a reduction in mis-orders and production waste, better insights into customer purchasing behaviors, and a $380M projected increase in US sales over a 12-month period.