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Machine Learning: A Quantum Leap in Forecast Accuracy for the Modern Supply Chain

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"Machine Learning: A Quantum Leap in Forecast Accuracy for the Modern Supply Chain"

Whether you realize it or not, Machine Learning is having a profound impact on your everyday life.

Machine Learning is a framework of computer programs that learns from past observations and finds hidden patterns without explicit programming. As a result, Machine Learning can find hidden insights and trends that humans can't see, and makes predictions with a higher degree of accuracy.

Until now, companies have relied on decades-old statistical models or simple moving averages of historical sales to predict demand. These traditional approaches suffer from forecast bias and often miss important patterns in the data. One of the key benefits of machine learning is its ability to create many different models that pick up on data patterns missed by traditional, human-configured forecasts. By pooling these models together, Machine Learning can improve forecast accuracy by more than 20%.

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