2025 IIF Forecasting Practice Competition - winner presentation by Wayfair
Автор: International Institute of Forecasters
Загружено: 2025-03-04
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The International Institute of Forecasters (IIF) is pleased to announce Wayfair as the winner of the 2025 IIF Forecasting Practice Competition. The winner, Wayfair, receives the prestigious IIF Award for the Impact of Forecasting in Practice, along with a $10,000 prize.
About the IIF Award: The IIF Award for the Impact of Forecasting in Practice aims to recognize and showcase businesses or institutions that achieve significant impact by applying forecasting, while contributing to the forecasting community.
Wayfair’s application was based on their internal demand forecasting system, Demetra, which produces monthly demand forecasts over a 1 to 18 month horizon at the product level across the US, for millions of products. Compared to Wayfair’s legacy model, Demetra reduced forecast root mean squared error by 13%, reduced forecast bias by 11%, improved forecast stability, and reduced forecast refresh time from 22 days to 5 days, driving financial impact to the company in the tens of millions of dollars.
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