Data-Driven Advanced Analytics for Enhanced Inventory Management and Demand Forecasting in Manufacturing and Retail Sectors

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Date
2023-12
Authors
Danni, Chen
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Townsned, Anthony
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Anthony
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Abstract
This study investigates the use of Big Data Analytics and Machine Learning to improve inventory management and demand forecasting in small and medium-sized businesses in manufacturing and retail. Using Walmart's sales data, the research compares traditional forecasting methods with machine learning models like XGBoost. The results show that machine learning, especially XGBoost, is more accurate than traditional methods. This highlights the benefits of using advanced analytics in supply chain management, helping businesses forecast more accurately and manage inventory better.
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2023