Artificial Intelligence in sales forecasting

Impacts assessed when not forecasting your sales.
A single good big-decision would provide revenue for the whole organization, but missing the forecast could be a bad idea from the organization's point of view. Every company in the world are in strict competition applying every means of technology to win the race, the entire sales and revenue management should know the ‘Sales forecasting’ a powerful technology based on Artificial Intelligence. Whenever Artificial Intelligence is used, the automated approach is imbibed to get a better result.

Over-forecasting: Companies are at risk when failed to fulfill the expectations and targets of the businesses. These results in damaging long-term impacts on the company. Ideally, even over-forecasting can bring in the risk for the company

Under-forecasting: When the company forecasting over-delivers their expectations, the profits generation is good but the poor strategy made on R&D, marketing doesn’t provide exponential net growth to the company and the competitors' advances. Thus in all the scenarios, under-forecasting is almost avoided and is seen to be detrimental.

Want to know exactly What is meant by Sales Forecasting?? read the blog here
https://www.nsktglobal.com/how-is-sales-forecasting-being-done-using-artificial-intelligence-

How is sales forecasting being done using artificial intelligence?
These are some famous and powerful AI-based models for time series forecasting:

● AutoRegressive Integrated Moving Average (ARIMA)

● Seasonal AutoRegressive Integrated Moving Average (SARIMA)

● Vector AutoRegression (VAR)

● Deep Learning using Long Short-Term Memory (LSTM)

The Sales Forecasting using artificial intelligence (AI) has gained popularity and organizations have started predicting their sales using AI and data analytics. The impact which has been discussed above has helped to finalize the aspects of why sales forecasting is important to organisations using artificial intelligence.


Why do we need it?
● Provides a forecast for raw materials for manufacturing industries such as cement, textile, automobiles, etc., restaurants, fashion retailers, agricultural sectors.

● Risk management and planning become easy with sales forecasting as it results in making business decisions better and accurate.

● Management of cash flow and utilization of the company’s resources have been done efficiently for future growth. This helps the companies for deciding their policies.

● The sales forecasting is been done both in the short-term and for the long-term so the early warning signals are being identified immediately and are pre-planned achieving sales team target.

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This release was published on openPR.