CMAF FFT: Using IoT Data at the Point-of-Consumption for Demand Forecasting and Inventory Management

This is the seventh webinar in Season 2 of "Friday Forecasting Talks", hosted by Centre for Marketing Analytics and Forecasting of Lancaster University, UK. Follow us on LinkedIn:   / lancastercmaf   CMAF on Twitter:   / lancastercmaf   CMAF webinars: https://cmaf-fft.lp151.com/ - Contents of this video ------------------------- 00:00 - Introduction 02:10 - Start of the presentation 05:32 - IoT demonstration 11:30 - Research Setting 15:15 - Challenges 19:12 - The methodology 23:05 - Data exploration and forecasting 28:16 - Inventory management 34:50 - Conclusions 36:40 - Discussion with Anna-Lena 46:15 - Q&A Speaker: Kai Hoberg The abstract: Internet-of-Things (IoT) systems that monitor inventories and sales are the next technological advancement in demand forecasting and replenishment. Unlike traditional systems that record purchases at the point-of-sale, these novel systems can track product usage via smart connected devices at the point-of-consumption, i.e., directly at the end user. This usage data promises to be a valuable basis for automated ordering and replenishment processes. We study such a system in the context of professional coffee machines and use a large data set from a leading service provider to develop models for demand forecasting, inventory management and handling inventory inaccuracy. Bio: Kai Hoberg is Head of Department of Operations and Technology and Professor of Supply Chain and Operations Strategy at Kühne Logistics University in Hamburg, Germany. He was Assistant Professor of Supply Chain Management at the University of Cologne and received his PhD at Münster University. Before returning to academia, Kai worked as a strategy consultant and project manager in the operations team of Booz & Company. He was a visiting scholar at universities such as Cornell University, Israel Institute of Technology, University of Singapore, or University of Oxford. His current research focuses on improving supply chain planning using the latest SC technologies. Discussant: Anna-Lena Sachs