Google Brain researchers are betting on improving the retailer work. In this context, they have just recently launched Vertex AI Forecast, a machine learning solution that allows them to achieve great accuracy in their demand forecasts to quickly adapt to market changes. It is a product that facilitates supply chain operations, supply forecasting, as well as the necessary employees to respond to customers and maximize profits.
Vertex AI Forecast enables automatically process data Y evaluate hundreds of models different to find the most efficient and thus, establish budgets to create the forecasts. In addition, this solution can ingest large volumes of unstructured data, in this sense, retailers can generate very accurate forecasts that work at multiple levels, minimizing the problems created by organizational silos.
The key element of Vertex AI Forecast is model architecture search, where hundreds of model configurations and architectures are evaluated. This algorithm allows Vertex AI Forecast to systematically find the most efficient settings for a wide variety of clients and data sets.
Google has built the brain that allows demand forecasts in a contextualized and non-intrusive way, merging the art with the (computer) science of accuracy in demand forecasting. In benchmark tests with Kaggle datasets, Vertex AI Forecast ranked in the top 2.5% of accuracy in the World’s Top Forecasting Competition.
“Thanks to the hierarchical forecasting capabilities of Vertex AI Forecast, retailers can generate highly accurate forecasts that work at multiple levels (for example, linking demands at the item, store, and region levels), minimizing the problems created by organizational silos. . Vertex AI can ingest large volumes of unstructured data to understand the most relevant “signals” such as weather, commodity prices, shipping and freight costs. This allows companies to obtain valuable information and understand the importance of the main factors that drive demand”, says Craig Wiley, director of product management for AI and cloud industry solutions at Google.