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Kamil Folkert - co-founder of Occubee - explains how Artificial Intelligence and Machine Learning work, what distinguishes them from traditional statistical methods, and how to use them in sales and demand forecasting in the retail and manufacturing industries.
Go to videoArtificial Intelligence is not a new concept. It appeared in computer science theory as early as the 1960s. Its full potential, however, has only recently been discovered.
The power of Artificial Intelligence and Machine Learning is models and algorithms, trained on historical data. Valuable data is the fuel to train the model, which then creates accurate demand and sales forecasts.
Each of us happens to use air transportation and is probably familiar with the concept of autopilot. The flight, of course, can take place without such a system – it used to be that way. However, the flight itself was more difficult, more tedious for the pilots. The autopilot replaced this predominant (but technically easiest) part of the flight, allowing pilots to focus on those activities that actually require their intervention.
