South KoreaHealthcare and life sciences2024 – ongoingOnlinepharm
Deepflow forecasting of nonprescription medicine demand
Onlinepharm reported 80.1% accuracy for medicine sales forecasts up to 6 months ahead
Problem
Onlinepharm needed item-level medicine demand forecasts to plan orders and manage inventory. Sales forecasting and order calculations also consumed staff time.
Approach
The Hanmi Science subsidiary implemented Impactive AI's Deepflow Forecast across about 60 nonprescription products. Machine learning predicted monthly sales and explained influential variables. Inventory benefits were evaluated through an October simulation using actual data.
Results
Takeaway
Forecasting was deployed, while reported inventory savings came from simulation rather than measured operating savings.
Categories
- Size
- Large enterprise
- Industry
- Healthcare and life sciences
- Business function
- Logistics and supply chain
- Innovation type
- Process innovation
- AI technology
- Predictive analytics and ML
- Adoption
- Vendor solution
- Evidence
- Company's own claim
Sources
Source summaries
Onlinepharm reported implementing Deepflow across its nonprescription medicine range and achieving 80.1% forecast accuracy. Inventory-cost benefits were assessed in an October simulation based on actual data.
Full details are in the original sources.
