Predicting where the business is headed has seldom been more challenging – or more important. With COVID-19 we are witnessing a continuously dynamic environment and its impact on retail and restaurant reopening has been profound. For example, how should you staff your stores? When can you turn supply chains back on? How do you incentivize customers to return to your business? What could be the impact of a second shutdown?
KPMG principals, Sanjay Sehgal and Scott Rankin, both with long histories and expertise in the consumer and retail industry, share their thoughts on how advanced analytics can help plan and forecast the return opening of retail and restaurants.
Topics addressed include:
- the unique challenges in forecasting due to the speed of change in a COVID-19 environment
- new external data points that can be factored into forecasts – variables that didn’t exist pre-COVID
- granular insight into the three main sources of data that feed into a forecasting engine
- a client example of the faster and more reliable forecasts attained through the integration of AI, machine learning, and data capture.