In the dynamic world of luxury hospitality, effective demand forecasting is crucial for a leading hospitality chain that oversees a diverse portfolio encompassing hotels, resorts, jungle safaris, palaces, spas, and in-flight catering services. The company embarked on a demand forecasting initiative with the following objectives:
- To generate item-level (SKU) forecasts for each unit, i.e., property or hotel within their extensive network.
- To provide monthly-level forecasts for a 3-month period, facilitating informed procurement and inventory management.
- To prevent stock-outs and reduce wastage of items by ensuring the right quantities are available at the right time.
- To minimize packaging and transportation costs through improved demand prediction.