Abstract:

A major requirement for small/medium-sized businesses is Inventory Management since a lot of money and skilled labor has to be invested to do so. Sales giants use Machine Learning models to maintain their inventory based on demand for a particular item.

Inventory Management can be extended as a service to small/medium sized businesses to improve their sales and predict the demand of various products. Demand forecasting is a crucial part of all businesses and brings up the following question:

How much stock of an item should a company/business keep to meet the demands, i.e., what should the predicted demand of a product be.

Among its many benefits, a predictive forecast is a key enabler for a better customer experience through the reduction of out-of-stock situations, and for lower costs due to better planned inventory and less write-off items. We discuss the challenges of building an Inventory system and discuss the design decisions.