Are you looking to increase profits?
Are you looking to reduce your operational costs?
Have you wondered about the term demand forecasting and whether you should be implementing it?
If you have answered yes, to any of the above questions or if you are a voracious reader looking to learn about demand forecasting, Welcome! Bsquare will help you understand demand forecasting and why every industrial business should embrace it.
Demand forecasting in industrial IoT focuses on predicting demand based on past historical data and relevant sensors. Demand forecasting could be predicting consumer demand for energy or it could be predicting the production output of a factory site. Demand forecasting not only helps the businesses plan well, but it also helps in optimizing raw material procurement, influencing supplier choice and planning transportation logistics. Demand forecasting is especially useful for industrial IoT customers who can reduce considerable cost by optimizing their operations. As more companies move towards using IoT and data for tracking and monitoring different aspects of their operations, the same data could be leveraged to improve demand forecasting. Demand forecasting can be further improved by customizing the model to accommodate domain-specific requirements and to suit the unique business needs of the customer.
Apart from reducing operational costs, a predictive demand forecasting model would have the following advantages:
Stay tuned for our next blog in this series.
Are you an industrial IoT customer looking to save money by having an efficient demand forecasting model, then talk to us. Our 20 years of experience in IoT combined with our expertise in data science, will help you navigate the complex world of demand and customer behavior. For questions about how Bsquare can help reduce your operational cost, talk to us.