Demand Forecasting in Supply Chain Using Uni-Regression Deep Approximate Forecasting Model

Author:

Aldahmani Emad1,Alzubi Ahmad1ORCID,Iyiola Kolawole1ORCID

Affiliation:

1. Institute of Graduate Research and Studies, University of Mediterranean Karpasia, TRNC, Mersin 33010, Turkey

Abstract

This research presents a uni-regression deep approximate forecasting model for predicting future demand in supply chains, tackling issues like complex patterns, external factors, and nonlinear relationships. It diverges from traditional models by employing a deep learning strategy through recurrent bidirectional long short-term memory (BiLSTM) and nonlinear autoregressive with exogenous inputs (NARX), focusing on regression-based approaches. The model can capture intricate dependencies and patterns that elude conventional approaches. The integration of BiLSTM and NARX provides a robust foundation for accurate demand forecasting. The novel uni-regression technique significantly improves the model’s capability to detect intricate patterns and dependencies in supply chain data, offering a new angle for demand forecasting. This approach not only broadens the scope of modeling techniques but also underlines the value of deep learning for enhanced accuracy in the fluctuating supply chain sector. The uni-regression model notably outperforms existing models in accuracy, achieving the lowest errors: mean average error (MAE) at 1.73, mean square error (MSE) at 4.14, root mean square error (RMSE) at 2.03, root mean squared scaled error (RMSSE) at 0.020, and R-squared at 0.94. This underscores its effectiveness in forecasting demand within dynamic supply chains. Practitioners and decision-makers can leverage the uni-regression model to make informed decisions, optimize inventory management, and enhance supply chain resilience. Furthermore, the findings contribute to the ongoing evolution of supply chain demand forecasting methodologies.

Publisher

MDPI AG

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