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Inventory Prediction System, PROBLEM: Nike faces challenges in efficiently…
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PROBLEM: Nike faces challenges in efficiently predicting the optimal inventory levels for each of its stores, leading to either overstocking or stock shortages. This inefficiency increases costs—overstocking results in excess inventory costs, while stock shortages lead to lost sales opportunities.
Enhance Supply Chain Efficiency: Streamline the supply chain by integrating real-time data from multiple sources to optimize delivery and inventory decisions.
Increase Scalability: Develop a scalable solution that can be applied not only to Nike stores but also to multi-brand retailers with different POS/CRM systems.
Reduce Costs: Minimize costs associated with excess inventory and lost sales due to stock shortages by optimizing the supply chain and aligning it with actual demand.
Improve Demand Forecasting: Leverage AI and machine learning to predict demand more accurately based on historical sales data, customer behavior, and external trends (seasonality, market trends).
Optimize Inventory Levels: Ensure that Nike stores and multi-brand retailers like Megasport maintain optimal stock levels to prevent overstocking or stock shortages.
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Data Collection and Integration: The system must collect data from multiple sources, including customer behavior, historical sales data, and external factors, and integrate with existing Nike apps and third-party POS/CRM systems.
Demand Forecasting Algorithms: The product must use advanced machine learning algorithms to analyze historical data and predict future demand for each store.
Flexibility and Compatibility: The solution should be flexible enough to integrate with various POS and CRM systems used by different stores, such as Nike’s own system and third-party retailers like Megasport.
Real-time Data Processing: The system needs to process and analyze data in real time to provide timely and accurate inventory predictions.
User Interface and Integration: The software should be easy to use and seamlessly integrate with the existing apps used by Nike and retailers to ensure smooth operations and decision-making.
Cost Efficiency: The implementation of the solution must result in a measurable reduction in inventory and logistics costs, while improving store performance and customer satisfaction.
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