Executive Summary
One of the largest shipping companies in the world, that offers land, air, and ocean logistic services, wanted to improve their ocean trade logistics. The company experienced a significant spike in demand post pandemic and wanted to streamline operations. It was a challenging task as they operated at multiple trade levels (specific geographic region or trade route) and across multiple trade corridors.
The client desired to enhance the current inventory management dashboard, which had a prediction accuracy of 40-60% for demand. Their objective was to assist customers in better optimizing their inventory management for seamless operations. The team at Factspan used historical data available to build a new machine learning model to boost prediction accuracy and provide valuable insights for proactive inventory optimization strategies.
Project Highlights
- Enhanced ocean trade logistics through improved demand prediction capabilities
- Optimized logistics for diverse trade operations across multi-trade levels and corridors
- Enhanced forecasting demand accuracy to 80%+ and reduced inventory costs by 25%
- Integrated the new model into the existing system without downtime
