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Impact of Internet of Things (IoT) Data on Demand Forecasting
Objectives: To study the Impact of Data generated from Internet of Things (IoT) on Demand Forecasting. Methods/ Statistical Analysis: An exploratory research to study the Impact of IoT data on demand forecasting was conducted. Preliminary information on IoT and Demand Forecasting including the different types of forecasting and data collection methods which was gathered through various available sources. Research papers, journals, Internet sites and books were used to collate the relevant content on the subject. Analysis of almost all the relevant examples was completed as a part of this study. The advantages of Real – Time data i.e. data generated by IoT systems were identified to arrive at the impact on organizations through deductive reasoning. Findings: Industrial revolution 4.0 has begun where IoT systems will play a vital role. The population of devices that can transmit data over the network will increase exponentially. Data from such smart devices will get collated, analysed and used in various forecasting models. Since the managerial decision- making is enabled by the forecast, efforts are being put in to align the forecasting model to respond proactively to the market dynamics. Application: The IoT data gathered is used in different forecasting models to arrive at the most accurate forecast. Accuracy of the forecast gets verified by the calculated error value and relevancy of the forecasting model is established. This helps the system to be agile and enable corrections on the go in case required.
Demand, Forecasting, Impact of Internet of Things, Supply Chain.
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