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Sales forecasting using advanced analytics


By Pablo Martin, Artelnics.

Increasing sales in a new company is not a simple process. There are different ways to make it possible, some more effectively than others. However, there is a method that provides crucial information for the growth of the company: sales forecasting. To develop it effectively and accurately, we use advanced analytics, a fundamental concept for data processing.

Advanced analytics

The databases of previous customer sales can provide a lot of information about future ones. This source, along with the knowledge of the sensationalist news of the market, can lead us to predict with certain precision the sales in a determined time (weekly, monthly, quarterly, annually...). This process is called sales forecasting. It gives insight into how to administer and invert the company resources properly.

Therefore, thanks to big data we could anticipate the client's response and change aspects by observing the different influential factors in order to make the best decisions to increase sales. It is an integral aspect in the business intelligence since the level of sales revenue affects basically all the fields of a company.

Diagnosis

DISCOVER PEAKS OF DEMAND
Study trends and statistics about historical sales data of a store.
Analyze
ANALYZE THE CAUSES OF THE TRENDS IN THE SALES
Discover the factors that are more related to an increase o decrease in the sales.
Build
PREDICT THE FUTURE DEMAND
Develop a predictive system that can help you to manage the resources.
Benefits
BE PREPARED FOR NEXT PEAKS OF SALES
Plan future growth, improve your products and allocate resources more effectively.

Sales forecasting provides us with a large amount of information that not only helps us increase sales, but implicitly is very useful in many other aspects, given a data set. This data set comes of variables that can change depending on the problem.

retail picture

In order to carry out the analytical process in an efficiently way we use the advanced analytics software Neural Designer. It is an efficient program that can treat a big amount of data, for which it uses neural networks.

The predictive model will help you to know an approximate objective prediction of the amount of products that the store will sell and to prepare the inventory and manage the cash flow. The predictive analytic detects the factors that will most influence the sales forecast and will provide you with information that will be of great importance to you to make important decisions in the growth of your company.

Related posts:

> Churn prevention.
> Customer segmentation.
> Risk assessment.