Reduce excess inventory and out-of-stocks by predicting sales

Nolk, a dynamic Montreal-based group dedicated to empowering sustainable direct-to-consumer businesses, is set to enhance its platform with AI-powered forecasting to address the challenges of manual, inconsistent sales and inventory predictions. The project aims to reduce excess inventory and out-of-stock events by predicting sales of brands by product category, and even by individual SKU. Utilizing multiple models and a challenger system, the forecasting module will select the most accurate prediction for each target, streamlining the process and enabling weekly updates of sales projections without the need for a team of analysts. Tailored BI dashboards will provide insights on the predictions with uncertainty bounds and historical comparisons, empowering brands to improve fulfillment and inventory management across their diverse sales channels and geographies.