How we implemented ML Technology to Improve Pharmaceutical Sales -Overview
- For just about any industry, sales forecasting is vital. For salesmen who use sales projection research to plan supplies, operations, and strategy, it’s also one of your most significant tasks.
- Forecasting aids business people in future planning, resource allocation, lower costs, and revenue growth.
- To improve the validity of sales forecasts, machine learning technology is included into automating sales forecasting software.
- Because the system is more accurate and confident when assessing previous data and forecast behaviors, great business choices are made.
- A match for any industry-focused businesses seeking an edge in the current competitive market is the application of Artificial intelligence for sales forecasting.
- To improve sales, firms can use these predictive solutions to plan their potential development and adopt more consistent risk management techniques.
- Many market leaders, including McDonald’s, Colgate, Amazon, and Netflix, use predictive analytics tools to maximise their sales and customer needs.
Benefits of Using AI in sales forecasting
- Performance Tracking
- Sales Planning
- Production Planning
- Reduced Inventory Costs
- Reduced Warehouse Costs
- Effective Labour Management
How we helped pharmaceutical industry with AI-Sales forecasting?
Solution Overview :
- As in the Healthcare sector, we have worked with a pharmaceutical company in building an AI-based forecasting solution that captures any seasonal patterns in the sales and then preserves them for analysis providing monthly and quarterly sales predictions.
- These sales predictions help their sales and operational team in planning their businesses and make faster decision-making to improve their revenue
- Initial statistical tests were performed to check for seasonality, volatility, and trends.
- ETL Process was performed on the data to suppress noise
- Then various models such as ARIMA, SARIMA, Facebook Prophet were experimented. The best performing model was chosen.
Technology
Market Size: AI-based sales forecasting solution.
Sales Forecasting Software Market size was valued at USD 61.15 Billion in 2022 and is projected to reach USD 142.97 Billion by 2030, growing at a CAGR of 11.2% from 2023 to 2030.
