Artificial intelligence used for sales forecasts
Why would it be useful to predict future sales and take the steps needed to rebalance or maximise profits?
Businesses today have to cope with a highly competitive market. Business strategy needs to be validated at all times so that company targets are achieved and to check that the decisions made are in line with what has been agreed. Therefore, all the aspects that make up a business, from marketing, financial and operational decisions, resource management and many more, should be borne in mind.
The key to being able to rectify in time is giving business the tools that help them to predict sales and confirm that they get the expected results. Detecting small deviations gives the opportunity to analyse all the information and take the steps needed to correct errors or maximise profits.
If they do not have the suitable tools, businesses prepare their sales forecasts for the following year using Excels, with simple mathematical formulae which lack precision and do not use the variables affecting sales. A good forecast helps to optimise the supply chain, the purchasing process and stock, which is a great help to businesses.
Solutions based on Machine Learning help to predict the future, using mathematical formulae which are much more complex and precise. Using past and present data, Machine Learning solutions help to:
Reach business targets.
Identify small deviations.
Detect when a client is about to leave us.
Launch more tailored marketing campaigns for each client type.