Predicting the Holiday Shopping Rush
It’s the holiday season and everyone is out shopping for that perfect gift! We have all been there frantically looking for that one item that is SOLD OUT everywhere. So how do companies prepare for the busy holiday rush? It’s predictive analytics and its changing the way in which stores order and plan their inventory both during the holiday season and otherwise.
Check out this article that discusses how companies can use IBM’s predictive analytics tool to help determine the amount of inventory needed for their stores. The tool can forecast to a very specific level, meaning that not only will they know they should sell “x” number of that new shirt but that they will need “x” number in each size and colour. Think about how this tool can help save companies a lot of time, effort and money.
The article later discusses potential use for the tool. The options are endless and the possibilities extreme. As long as you can dream up what questions you are seeking answers for and find the pertinent data, predictive analytics can take away a lot of the “what if” in life.