Affiliations: [a] Digital Business College, Changzhou Vocational Institute of Industry Technology, Changzhou, Jiangsu, China | [b] School of Economics and Management, Chengdu Technological University, Chengdu, China
Correspondence:
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Corresponding author: Zhen Zang, School of Economics and Management, Chengdu Technological University, Chengdu 610000, China. E-mail: [email protected].
Abstract: Demand forecasting is essential for streamlining supply chain operations in the digital economy and exceeding customer expectations. On the other hand, traditional forecasting techniques cannot frequently present real-time data and respond to dynamic changes in the supply chain network, leading to less-than-ideal decision-making and higher costs. This research aims to create a technique for optimizing the supply chain network based on blockchain-distributed technology (SCN-BT) to overcome these drawbacks and fully utilize the potential of the digital economy. The suggested framework uses the hybridized LSTM network and Grey Wolf Optimization (GWO) algorithm to examine demand forecasting in the supply chain network for inventory planning. The SCN-BT framework develops a safe and productive, enabling precise and flexible demand by combining blockchain with optimization techniques. A thorough case study utilized information collected from an enterprise supply chain that operates in the digital economy to show the efficiency of the suggested framework. Compared to conventional approaches, the results show considerable gains in demand forecasting precision, responsiveness of the supply chain, and cost-effectiveness. In the context of the digital economy, demand sensing and prediction enable firms to react to changes swiftly, shorten turnaround times, optimize inventory levels, and improve overall supply chain performance. The results highlight how blockchain technology has the potential to enhance collaboration, trust, and transparency inside intricate supply chain networks working in the digital economy. The experimental results show the proposed to achieve prediction rate of demand prediction rate of 128.93, demand forecasting accuracy ratio of 92.18%, optimum efficiency of 94.25%, RMSE rate of 1841.25, MAE rate of 260.74, and sMAPE rate of 0.1002 compared to other methods.
Keywords: Digital economy, demand forecasting, supply chain network optimization, blockchain technology, LSTM, grey wolf optimization
