Forecasting material consumption and sales

ConsultingPharmaceutical

Tasks

Implement AI/ML solutions to forecast material consumption and sales, optimizing procurement, supply chain, and production quantities in the Pharma industry.

Challenges

Ensuring accurate data collection and seamless integration with existing systems.
Managing data privacy and security, adhering to GDPR and HIPAA regulations.
Maintaining model accuracy and adaptability to dynamic market conditions.

Solutions

Implement ARIMA and LSTM models for time series forecasting of material usage and sales.
Integrate models with ERP and CRM systems for seamless data flow.
Establish a robust data governance framework.
Enable continuous model retraining to adapt to market changes.
Enhance procurement planning and production schedules to reduce material waste.

Outcomes

Achieve a 10-15% reduction in material waste, improving overall efficiency and reducing costs.

Technologies Used

LSTM

Integration with ERP and CRM systems

Data Governance Framework

Learn about our impact through case studies