The historical sales data from the ERP system was restructured and time series forecasting models for sales were developed after a thorough analysis of links and relationships between the sales from different locations, products and external factors. Comprehensive planning and forecasting tools were provided to the client.
FORECAST SALES USING HISTORICAL DATA AND EXTERNAL FACTORS
FORECAST SALES USING HISTORICAL DATA AND EXTERNAL FACTORS
Sales Forecasting using Historical Data and External Factors
Business goal:
Analyze historical sales growth to create forecasts. In addition, analyze sales composition and regional sales data to underline the importance of regional shops.
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Challenge:
It is a challenging task to accurately link and co-relate future sales data from the internal ERP system with historical sales data. Moreover it is difficult to quantify the effect of external factors such as geography, regional characteristics, temperature, humidity, etc. on the Sales. Data-driven sales forecasts facilitate business planning, risk management, budget planning and identify the potential early warning signals and risks in the sales pipeline.