Campaign for Wool NZ’s chair Ryan Cosgrove has used machine learning, a branch of artificial intelligence, to identify what strong wool attributes are key to maximising returns.
Cosgrove, who is also the head of sourcing and materials for Mons Royale, and co-founder of Fusca, a wool sales data platform, recently published a paper outlining his methods and findings.
The paper, A Statistical Analysis of New Zealand Strong Wool Sold at Auction Between 2022 and 2024, showed that colour, micron and length are critical factors affecting wool prices.
Colour was, however, shown to be the most deterministic feature of price by far, accounting for 48% of price variability, regardless of other external economic factors.
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