Sold by: BIX Tech
BIX Tech is a premier provider of custom software development, data engineering, data science, and data visualization & analytics, backed by over a decade of experience. Leveraging cutting-edge technologies, including AI and machine learning, alongside deep industry expertise, BIX Tech delivers scalable, tailored solutions that drive operational efficiency, improve data-driven decision-making, and accelerate growth.
Overview
Activities:
- Developed a machine learning algorithm to forecast material prices three months in advance, based on historical trends, market data, and external factors.
- Integrated predictive analytics with Business Intelligence (BI) tools to provide strategic purchasing recommendations, optimizing buying decisions.
- Leveraged time-series analysis and regression models to improve price prediction accuracy, ensuring informed procurement strategies.
- Set up automated dashboards for real-time monitoring of price changes and recommendations, enhancing decision-making efficiency.
Deliverables:
- A custom AI-powered algorithm hosted on AWS SageMaker, capable of predicting material price fluctuations with a three-month lead time.
- Comprehensive forecast reports highlighting expected price trends, helping the client make proactive purchasing decisions.
- Continuous monitoring system to track actual price movements and compare them to predictions for model refinement.
Outcomes:
- Achieved a forecasted 13% increase in the price of a key component over a three-month period, enabling proactive decision-making.
- Ensured 95% recommendation accuracy, with only a 5% average error rate, ensuring high-confidence purchasing decisions.
Highlights
- The predictive model's 85% accuracy rate and 95% recommendation precision established a reliable decision-making framework, leading to a reduction in procurement costs and better financial forecasting.
- By integrating AI with Business Intelligence, BIX Tech provided actionable insights and dynamic recommendations, which optimized purchasing timing, resulting in significant cost savings and more efficient resource planning.
- BIX Tech implemented a predictive analytics solution that forecasted material price increases three months ahead, empowering the procurement team to plan purchases more strategically and avoid price surges.
Details
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Support
Vendor support
Based in Florida and working with a nearshore team from Latin America, BIX Tech is committed to delivering high-quality support to ensure your success. We provide comprehensive assistance throughout the lifecycle of your solution, from setup to ongoing maintenance, ensuring seamless performance and reliability. With over 1,000 successful projects delivered, we’ve empowered clients across diverse industries to reach remarkable milestones.
Phone Support: Available during business hours (ET) at (786) 388-0986.
Email Support: Reach us at info@bix-tech.com for inquiries, technical support, and consultations.
Our site: https://bix-tech.com/
Our expert team is here to assist with any technical challenges, providing timely and effective solutions to help you maximize the value of our services.