Pharma Sales Forecasting Using NLP

Technology Stack

Problem Statement

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Complexity of Seasonal Patterns: Difficulty in identifying and preserving accurate seasonal sales patterns amidst dynamic influences such as market trends and regulatory changes.

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Data Quality Issues: Dealing with inconsistencies, inaccuracies, and missing values in the sales data, which could potentially affect the accuracy of forecasts.

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Model Selection Dilemma: Choosing the optimal forecasting model for pharmaceutical sales amidst diverse characteristics, ensuring compatibility with available data.

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Parameter Tuning Challenges: Fine-tuning the parameters to optimize model parameters to maximize accuracy, addressing the complexity of pharmaceutical sales data.

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Manual and Time-Consuming Processes: Streamlining data preprocessing, model training, and evaluation to mitigate inefficiencies and delays in forecasting.

Solution Overview

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OptiSol has worked with a pharmaceutical company and developed an AI-driven forecasting solution, capturing and preserving seasonal sales patterns to provide accurate sales predictions.

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We have implemented an Extract, Transform, Load (ETL) process to cleanse the data and remove noise, ensuring accurate analysis.

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OptiSol has employed various forecasting models such as ARIMA, SARIMA, and Facebook Prophet to determine the best-performing one.

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Our team has finely tuned the parameters of selected models and validated their performance against historical data.

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We have developed an automated pipelines for data preprocessing, model training, and evaluation to streamline the forecasting process.

Business Impact

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Improved Forecast Accuracy: Enhance the precision of sales forecasts, enabling better resource allocation and inventory management.

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Cost Reduction: Minimize excess inventory and stockouts by accurately predicting demand, leading to cost savings for the business.

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Enhanced Decision-Making: Provide management with reliable insights into future sales trends, enabling informed decision-making and strategic planning.

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Competitive Advantage: Gain a competitive edge by reacting promptly to market changes and customer demands, optimizing sales strategies accordingly.

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Operational Efficiency: Streamline operations by aligning production schedules and marketing efforts with forecasted sales, optimizing resource utilization, and reducing waste.

Testimonials of Our Happy Clients

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Drive success with elsAi's predictive sales forecasting, leading market trends.

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A seasoned AI & ML team of young, dynamic and curious minds recognized with global awards for making significant impact on making human lives better

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50+

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40+

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reputed Clients

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5 yrs

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Engineering

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