Why do INVENTORY MODELLING & FORECASTING using Python

Why do INVENTORY MODELLING & FORECASTING using Python
In Episode 26 of The Supply Chain Show, Dr. Muddassir Ahmed has interviewed Nicolas Vandeput, Founder and Consultant at SupChains, who discusses "Why to do Inventory Modelling & Forecasting using Python".
Nicolas also explains:
1) What is inventory modelling, why it is needed and what are the benefits?
2) Key skills you need for inventory optimization and modelling ( you can mention your book in between)
3) Why supply chain folks must learn Python.
Here are the links for Nicolas Books:
Data Science for Supply Chain Forecast - link 👉🏼- amzn.to/38nuwwX
Inventory Optimization Models and Simulations - 👉🏼link -amzn.to/37Df0Oy
If you have any comments, please leave your comments.
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#supplychain #socialenterprise #scmdojo #thesupplychainshow #excessinventory #charity #changinglives

[@sharibimam9899]

Very constructive discussion
Indeed Machine Learning will help in many ways, be it better results or time consumption in generating models

[@SCMDOJO]

Thanks for your comments.

[@chrisford7033]

Have both books and the updated 2nd edition. Great resources.

[@olivierjonard1872]

Thanks for this explanation. I'll buy the book for my team, a really great way to start. One comment though: forecasts are not (poorly) used only to decide on inventory levels, but also for sizing logistics and production teams, anticipating impacts of promotions. Forecasts support all kinds of decision-making process... which is actually quite scary giving how poor forecasts usually are. An example would have been nice.

[@SCMDOJO]

Thanks for the comments

[@akmalmir8531]

Thank You for motivating speech! Wish all of us success and happiness!

[@SCMDOJO]

You are welcome 🙏

[@apolosivosanibola4968]

Great questions. Thank you.

[@SCMDOJO]

Thanks for the acknowledgment Apolosi

[@jediyoda7338]

Very good discussion

[@SCMDOJO]

Cheers Jedi

[@sajjaad]

The animal they were talking about is 'Pandas'. I searched for panthers the whole night. Monty python-esque indeed.
That's a very instructive conversation. I would like to know how can I set my service levels right if I am working for a not-for- profit/ governmental organization? Value, volume, frequency, checked but we do not have a margin as such for our items. If we are to optimize our inventory for independent and unknown demand frequency items, where should we start?

[@SCMDOJO]

Hi Sajjad, try this way - www.scmdojo.com/abc-inventory-analysis/

[@rutujakharpe4320]

Thank you for the videos 👍🙂

[@SCMDOJO]

You are welcome

[@fideledon4462]

Thank you very much.

[@SCMDOJO]

You are welcome 🙏

[@shmm3132]

Very good and lesson learning interview

[@SCMDOJO]

@@shmm3132 Thanks for your comments SH MM

[@ameen8649]

Thanks

[@SCMDOJO]

welcome

[@goutamborthakur4980]

Just wanted to highlight here that in excel, we can manipulate up to 1,048,576 records only whereas in python there is no such limit.

[@SCMDOJO]

Very valid point Goutam

[@sunandpal]

Yes, indeed that's a con

[@prasenjitdatta5100]

Excel can help learning the concept, for example, how the ABC analysis require sorting data in descending value, calculating cumalitve % is easier done in excel, but yes, for large data, we need a lot of data wrangling and cleaning, for which python is so cool

[@andybass6872]

Great interview!

[@SCMDOJO]

Cheers for the feedback Andy

[@sushilraut8934]

Thanks ,
Requesting you to kindly share some information/knowledge about (ZBC) zero based costing.(How to do it,what is process,)

[@SCMDOJO]

Hi Sushil - you will find this article useful - en.wikipedia.org/wiki/Zero-based_budgeting

[@sushilraut8934]

@@SCMDOJO thanks.

[@amousawie]

Statestical modeling can run using Python.

[@SCMDOJO]

Yes

[@danielniels22]

How much understanding about "Supply Chain" should we know? My background is pure programming and data science. I have no background in business specifically supply chain. I wish I can follow along

[@SCMDOJO]

Dear Daniel , absolutely you can. Subscribe to www.SCMDOJO.com where we are introducing lots of courses and at very cheap cost! New website is also coming !