DATA MINING CUP 2020
Be part of it!
Be part of it!
It is no secret that the ability to optimize stocks provides many benefits for retail companies. Different advantages may accrue, depending on the type of company, its strategy and its situation. It allows store-based retailers to downsize their storage space and increase the sales area to provide a more open and inviting shopping experience, for example. Online retailers, on the other hand, may be able to upscale their business without relocating their entire operations to a larger facility.
Overall, optimized inventory planning helps to reduce the number of slow-moving goods, because retailers only stock products that people actually buy. This, in turn, means that it is not necessary to send customers away because products are temporarily unavailable; this increases both revenues and customer satisfaction. Moreover, fewer slow-moving goods means less reorganization, accounting and clearance and this also reduces the work time required and the outlay for logistical services.
For these reasons, forecasting demand is the focus of this year’s DATA MINING CUP.
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