25% increment in stock turnover through Demand Forecasting for a Global Wholesale Distributor of Building and Industrial Products

About the client

A global wholesale distributor of building and industrial products

Problems:

• Our client was facing challenges in demand planning and forecasting of its SKUs
• Maintaining optimum inventory levels at different geographical locations was a major challenge, as the real estate industry was experiencing many turbulences like volatility in cost and selling prices of building material products
• The client reached out to Innover for a proactive solution to plan inventory and sourcing in a systematic manner

Solution:

• Innover developed a Machine Learning based Demand Forecasting Model that estimated future sales and made inventory recommendations for each SKU at each branch
• To find signals, we combined internal data like previous purchases, product prices, cost averages, and external variables like lumber prices and housing inflation to create a single-source-of-truth for handling enterprise data
• Innover also developed a PowerBI based data visualization solution that provided easy to consume actionable insights. The solution served as a Control Tower for real-time monitoring and business decision making