The list of Data Science applications – and challenges – along the supply chain is endless. Some of the most promising applications are expected to transform many supply chain functions, including demand forecasting, distribution, production error analysis and pricing.
Applications include predictive and prescriptive analytics, for example, which can be used to improve the accuracy of demand forecasting by using advanced forecasting algorithms. More accurate forecasts of aftersales all-time-demand lead to increased environmental sustainability in the company. So does resource-efficient production through predictive and explainable production failure analysis, which additionally achieves many savings due to improved production quality and lower scrapping rates.Price forecasts, in turn, provide companies with tools to react to market behavior and achieve enormous savings in purchasing.
That is why Dr. Ursula Neumann, head of the »Data Science« group, is working with her team to adapt existing forecasting methods and develop new ones in order to use them to leverage added value in logistics, retail and production and to promote sustainability for the digitalized supply chain.
Research focus:
- Demand forecasting
- Transportation volume forecasting
- inventory management
- Life cycle forecasting/ all-time demand of spare parts or components
- Energy Demand Forecasting
- Commodity price forecasting
- Quantification of forecast uncertainties
- Explainable production error analysis
- Environmental and social sustainability through forecasting applications and resource-efficient AI
Competencies of the Data Science group:
- Feature Engineering/Selection
- Time Series Forecasting
- Classical statistical models
- Hierarchical Time Series Forecasting
- Neural Networks
- Bayesian models
- Classification (e.g. Tree-Based Models)Quantification of forecast uncertainties
- Clustering
- Root-cause analysis (probabilistic models)
- ML Ops architecture
- Quantum Machine Learning