Sales Forecasting
Predicting expected sales figures is a central challenge for companies. Through AI-based sales forecasting, future sales potentials can be predicted with high accuracy.
Optimize your sales activities based on reliable sales forecasts
Challenge
Sales forecasts are crucial for every company. They play an important role in sales, marketing, and also in controlling and planning (e.g., for goal setting). Often, sales forecasts are made based on experience and with significant manual effort, leading to a large discrepancy between the manual forecasts and actual sales figures.
Approach
With artificial intelligence methods, these forecasts can be created data-driven and automated. Historical data (e.g., number of products previously sold, product prices, advertising, competition, market parameters) are used to estimate a forecasting model. In this process, the AI model learns the influence of all available factors on the company's sales. The model can then forecast sales for a future period. Using AI to predict future revenues is already common practice in many companies and is successfully applied across industries. AI can independently generate forecasts, be combined with existing forecasting logics, or even be enriched with subjective assessments.
Result
AI-based sales forecasting allows companies to base their sales planning on a large number of data and input factors automatically. The advantage is clear: more accurate and faster planning positively affects all downstream processes, including marketing and sales activities, as well as supply chain management, including ordering, inventory, and production decisions.
Our strength
Our ecosystem enables a holistic view of data & AI.
years of experience in Data Science, ML, and AI
clients from 10 industries and growing
experts from more than 17 fields of study
successfully implemented Data and AI projects
How Sales Forecasting works
In sales forecasting, the AI model learns which factors influenced the sales of certain products in the past. These patterns and relationships are then projected into the future to derive reliable forecasts.
Benefits of AI-based Sales Forecasting
With Data and artificial intelligence, reliable sales forecasts can be continuously generated within seconds.
AI-based sales forecasts are often more accurate and reliable than manually created forecasts.
Sales and marketing teams can plan their strategies and actions more effectively and efficiently based on forecasts and adjust them dynamically.
Reliable forecasts enable the optimization of procurement, inventory, and production decisions.
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