Investigating the role of using AI and machine learning for demand forecasting in supply chain management

Abstract

This research investigates the application of artificial intelligence (AI) in demand forecasting within the retail sector as part of supply chain management (SCM). The research aims to develop a framework based on conceptual AI models for better enhancing demand forecasting in SCM. The key focus area of this research is demand forecasting through AI, emphasizing its importance in attaining precision and reliability in predicting demand and enhancing SCM through developing and creating various models. Since demand forecasting is perceived to play a vital role in SCM, researchers examine the application of AI in effectively predicting demand and addressing current SCM issues. There is a focus on providing information to researchers on the application of AI in demand forecasting in SCM, with a deep and in-depth focus on explaining the application and development of AI in predicting demand. The empirical validation in this study is limited to retail data, while the proposed conceptual framework is designed to be extendable to other sectors.