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Ensuring Product Availability: the Smart Shelf Solution with AI-Embedded Forecasting

About Us
Published by jetbi
02 August 2023
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At the heart of the Smart Shelf Solution lies a genuine concern for people and their everyday lives. This innovative system is designed to ensure that essential products never run out and to effortlessly replenish them before they reach a critical low. Typically, the Smart Shelf operates by loading it with various products, and as each item is consumed over time, the application reflects the change in weight, providing users with up-to-date information.

However, we want to take it a step further and introduce a unique feature that sets it apart from conventional solutions: AI-embedded forecasting. Artificial Intelligence, or AI, is a powerful tool capable of solving complex problems using the same kind of intelligence humans possess naturally. It has already found applications in diverse industries such as manufacturing, education, and healthcare. If you've ever interacted with Siri, searched for a movie on Netflix®, or asked about the weather, you have already experienced AI in action. 

In our Smart Shelf Solution, we have incorporated a comprehensive forecasting block that predicts product consumption based on the entire history of the product being placed on the shelf or taken from the shelf. With each interaction, whether it's taking an item or adding to the shelf, users actively contribute to refining the forecasting feature, ensuring accurate and timely preparation.

Our development team has converted the Smart Shelf solution into an innovative product by applying "Prophet" from Meta®, a cutting-edge time series forecasting tool. You have a unique chance to dive into the invaluable benefit of Prophet for predicting product consumption.

 

Why choose the Prophet?

The selection of an accurate and reliable forecasting tool is pivotal for precise product consumption predictions, and Prophet stands out for several reasons. With unparalleled accuracy and speed, Prophet's proven track record in delivering dependable forecasts across various applications within Meta® underscores its reliability for planning and goal setting. Its fully automated nature simplifies messy data forecasting, while its customizable features empower users to fine-tune predictions, incorporating domain knowledge for enhanced accuracy. 

Prophet adeptly handles seasonal variations with multiple periods, crucial for our Smart Shelf product, and resiliently manages outliers, preventing undue influence on forecasts. Its ability to handle missing data ensures robustness and accuracy, safeguarding against disruptions in real-world applications where data gaps may occur, and reinforcing smooth asset management.

 

The Prophet key benefits applied in JET BI’s Smart Shelf technology:

  1. Real-Time Inventory Management: Accurate consumption predictions empower retailers to maintain optimal inventory levels. By avoiding stockouts and overstocking, Smart Shelf users can optimize shelf space, minimize wastage, and enhance profitability.
  2. Demand Planning and Product Replenishment: Prophet's reliable forecasts enable automated reordering and replenishment processes. Smart Shelf users can restock products precisely when needed, streamlining supply chain operations.
  3. Identifying Consumer Trends: Understanding consumption patterns over time enables retailers to identify emerging trends and consumer preferences. This insight helps in refining product assortments and making data-driven business decisions.
  4. Enhanced Customer Experience: With the ability to forecast demand accurately, Smart Shelf users can ensure that popular products are always available.


In Conclusion, it is necessary to highlight that Smart Shelf offers a myriad of benefits to both businesses and ordinary people. 

For businesses, Smart Shelf optimizes inventory management, providing real-time insights into product consumption patterns, reducing stockouts, and minimizing wastage, ultimately enhancing profitability and operational efficiency. The automation and accurate forecasting capabilities enable businesses to streamline supply chain operations and make data-driven decisions, identifying emerging consumer trends for a more personalized customer experience. 

For ordinary people, Smart Shelf ensures the availability of preferred products, improving overall shopping convenience and satisfaction, while also contributing to reduced product waste and a more sustainable retail ecosystem.

Contact us to order your first, but certainly not your last Smart Shelf. Experience the convenience of monitoring product consumption with this innovative shelf and enjoy the benefits of AI-embedded forecasting features, making your life and business processes easier than ever before! Get started today and embrace the future of asset management with Smart Shelf.


Anna Metsik-Peshko
Certified Salesforce Marketing Cloud Consultant / Administrator
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