South KoreaFood and restaurants2025 – ongoingLotte Wellfood
AI Purchasing Assistant for raw-material price forecasts
Lotte Wellfood reported about 90% daily palm-oil forecast accuracy with its purchasing assistant
Problem
Commodity-price swings made imported ingredients harder to budget for. Climate and geopolitical risks increased purchasing uncertainty.
Approach
Lotte Wellfood introduced an AI purchasing assistant for cocoa and palm oil. The model learned price relationships from 10 years of historical data and used current market conditions to support purchasing decisions.
Results
Takeaway
The reported accuracy concerned palm-oil forecasts. Purchasing savings remained an expected benefit.
Categories
- Size
- Large enterprise
- Industry
- Food and restaurants
- Business function
- Logistics and supply chain
- Innovation type
- Process innovation
- AI technology
- Predictive analytics and ML
- Adoption
- Built in-house
- Evidence
- Company's own claim
Sources
Source summaries
Lotte Wellfood described an AI system supporting raw-material purchases. It reported about 90% daily forecast accuracy for palm oil, while cost and supply benefits were expectations.
Full details are in the original sources.
