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.