AgriTech - Ideathon @ TechBharat 2022

Challenge:
To design and develop a predictive analytical model which can analyze large sets of existing data to accurately predict the future demand of agricultural products in a warehouse and hence to avert out-of-stock situations as well as overstocking thus achieving Inventory Optimization.

Challenge Description
A warehouse management system (WMS) is software and processes that allow organizations to control and administer warehouse operations from the time goods or materials enter a warehouse until they move out. Predictive analytics can help companies optimize existing processes, better understand customer behavior, identify unexpected opportunities, and anticipate problems before they happen. Through building or creating a predictive model for inventory/Data warehouse the model is able to predict demand for goods based on past customer purchase or seasonal requirements. Demand Forecasting: It plays a critical role in inventory management. If you can accurately predict the future demand of products in your warehouse, you can ensure you hold the correct stock to maximize sales potential and profit. Inventory Optimization: Simply, inventory optimization is a way of ensuring the right supply of inventory to meet your target service levels, while tying up a minimum amount of capital. The proposed solution will help to avert out-of-stock situations as well as overstocking by forecasting future demand for stock.