.png){kind=logo}
In an engaging episode of the Analytics Insight Podcast, host Priya Dialani converses with Aswin Kumar, Senior Director of Technology at Lowe's India, to explore the importance of demand forecasting tools and their implications for the retail sector. Aswin shares his insights on how these tools are reshaping supply chain management and enhancing customer satisfaction.
The discussion delves into the various technologies used by Lowe's to predict customer demand accurately. Aswin highlights the significance of using data analytics, machine learning, and AI to analyse purchasing patterns and forecast future trends, enabling Lowe's to optimise its inventory management.
Aswin emphasises that effective demand forecasting is crucial for avoiding common retail pitfalls, such as overstocking or understocking. He explains how Lowe's utilises these tools to ensure that products are available when customers need them, ultimately enhancing the shopping experience.
Despite the advantages of demand forecasting tools, Aswin acknowledges several challenges that retailers face in their implementation. He discusses the need for ongoing training and development to ensure that teams are equipped to use these technologies effectively. Additionally, he emphasises the importance of collaboration between different departments to maximise the benefits of demand forecasting.
The conversation also touches upon how Lowe's stands out among top-performing retailers by integrating innovative supply chain management strategies that go beyond traditional methods. Aswin describes how the company's focus on customer insights and data-driven decision-making sets it apart in the competitive retail landscape.
Aswin also discusses the evolving landscape of retail and the increasing importance of meeting customer needs in real time. He shares his thoughts on how Lowe's is adapting to these changes by continuously refining its forecasting models and responding proactively to market trends.
The Analytics Insight Podcast featuring Aswin Kumar provides a comprehensive view of the opportunities and challenges associated with demand forecasting in retail. This episode is a must-listen for anyone interested in the future of supply chain management and retail innovation. Catch this insightful conversation now!
