Forecasting impacts critical business areas, including labor budgets, customer service, promotions and employee schedules. When the forecast is off, it affects your store managers’ ability to adhere to plans and budgets and can impact productivity, service and sales. Real-time forecast accuracy is not only critical—it is imperative.
The best forecasting provides incredible accuracy that is consistently reliable over time. This requires an intelligent system that analyzes and accounts for metrics like sales, SKU, and individual and consolidated UPCs to support granular forecasting across the retail chain. Our Forecasting solution delivers all of this—automatically.
Just the highlights: Why Logile Forecasting?
- The industry’s best forecast accuracy: 95% on daily items and sales for all but the smallest departments
- AI-driven, machine-learning forecasting using dozens of industry-leading and Logile-proprietary algorithms to forecast every metric
- Event/data tagging and cross-comprehensive forecast granularity at the 15-minute, task level
- Continuous reforecasting
- Forecast accuracy improvements of 15-25% for your business
Get the power of unparalleled AI and self-learning automation
In every head-to-head evaluation, our forecast accuracy has consistently outperformed the competition. Our best-practice approaches to 15-minute interval forecasting and demand planning enable superior service coverage for your front end and other customer service functions.
- Extremely accurate, reliable forecast delivered in a completely automated workflow requiring little or no manual intervention
- Goes well beyond methods like moving averages and exponential smoothing and includes recent advances in statistical learning and pattern recognition
- Self-learning AI constantly reviews and changes algorithms as needed over time for each element in each store, based on what is proven to be the most accurate and reliable method
- Each forecast metric in each store may use a different algorithm based on statistical accuracy in individual stores
- Enables precision scheduling that delivers your service and queuing standards with minimal waste
- Allows use of “sister-store” data for new or remodeled stores if needed
- Unique forecasting approach can be shared across your different departments and loyalty marketing to understand customer and item volumes by time of day—as forecasted from department interval POS data
Better capabilities for better results
Benefit from extensive data/event tagging to appropriately influence selection of specific history for enhanced accuracy. You can programmatically automate data tagging for weather specific to each store’s zip code, and leverage detailed promotional tagging for enhanced UPC-level forecasting.
Gain renewed advantage at your front end. Customize queueing service standards by day and time of day or for not busy, busy or extremely busy times in your forecast. And with detailed POS volume data, you are enabled to accurately forecast express, regular and self-checkout volumes for dynamic, interval-specific use of store-specific labor standards for item processing and tendering by method. Optimize throughput, shorten customer queues, and improve customer satisfaction through better scheduling. If your current system misses the mark on peak express volumes like busy lunch rushes, you will see the positive difference in Logile’s approach.
- Creates highly accurate sales and volume forecasts at weekly, daily department and interval levels
- Leverages a library of industry-typical and proprietary machine-learning algorithms
- Layers in defined events and holidays including accurate transposition of moving holidays
- Supports automated tagging for weather, promotional planning and other data sources
- Analyzes the performance of each algorithm and selects the best algorithm to use for forecasting each metric in each store
- Weekly forecasting occurs in a highly automated workflow
- System forecast is saved for analysis and comparison with store-edited forecast
- Forecast editing allows for adjustments by corporate or store manager
- Forecast accuracy analysis and workbench
- Enables stores to trust the system and focus on store execution