Supply chain management is becoming more complicated by the day. Companies are dealing with a growing number of SKUs, more plants in different geographies and complex supply chains. Forecasting accuracy has become critical to maintaining proper inventory levels, defining a business strategy for promotions and planning for capital investments, production, labor scheduling, and more. 

The cloud, deep learning and other technologies can enable modern enterprises to integrate these disparate data sources. In turn, this information can help them improve their forecasting algorithms and to improve operational efficiency. 

Wipro and Amazon Forecast

Wipro’s on-demand sales-forecasting solution leverages Amazon Forecast service to help companies migrate their existing statistical forecasting models to more-robust forecasting models and approaches. This approach enables customers to better understand their forecasting problems, gather the required information and suggest additional data sources (internal or external) that can help with forecast accuracy improvement. 

Wipro’s implementation of Amazon Forecast services can improve forecast accuracy with automated, scalable and cost-effective solutions. The embedded hierarchical reconciliation makes forecasts coherent, produces more accurate reconciliation and provides required data points for better decision-making.

This solution, coupled with unique accelerators and resources from a dedicated Wipro AWS AI Lab, enables enterprises to get their forecasting programs into production faster and create reusable artifacts. It’s also easily replicated across other divisions or business units where forecasting is required.

Enterprise-Ready Forecasting Solution

Wipro’s demand-forecasting solution has already been deployed successfully around the world. For a global food supplier, the solution included Amazon Forecast services and leveraged historical sales/transactional and holiday data to deliver a 20% overall improvement in forecasting accuracy and a 30-40% reduction in manual effort and adjustments.

In the retail sector, a leading enterprise needed to improve sales and demand forecasting. Wipro implemented a forecast solution with integrated hierarchical reconciliation leveraging Amazon Forecast services, DeepAR and FbProphet algorithms to achieve substantial cost savings on licenses for proprietary forecasting tools. In addition, using the Amazon Forecast pay-per-usage costing model, the company saw a 50-60% reduction in execution time in weekly forecasting pipeline execution.

Engage with us for a QuickWin forecasting PoC/pilot for scalable use cases like demand forecasting, inventory and resource planning. Please contact Think.AI.ext@wipro.com for more details.